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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, October 20, 2015, Vol. 18, No. 207


                            Headlines


A U S T R A L I A

AUSSIE ALL: First Creditors' Meeting Set For October 27
CDP (WA): First Creditors' Meeting Set For October 28
MIDLAND HWY: Collapsed Land Banking Scheme Faces Liquidation
RENEX INDUSTRIES: Goes Into Voluntary Administration
TIER 5: Goes Into Liquidation; Owes AUD3.9 Million


H O N G K O N G

CHINA FISHERY: Fitch Lowers LT FC IDR to B- & Puts on Watch Neg.
CHINA FISHERY: Moody's Cuts Corporate Family Rating to Caa1


I N D I A

AADHEESH TEXFAB: CARE Revises Rating on INR17.21cr LT Loan to B+
AGR STEEL: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
AIR INDIA: Chief Reaches Out to Staff to Address Woes
ANAND SONS: CRISIL Assigns B+ Rating to INR80MM Cash Loan to B+
AUGUSTAN TEXTILE: CRISIL Ups Rating on INR80MM Cash Loan to B-

CENTURY ALUMINIUM: Ind-Ra Withdraws BB Long-Term Issuer Rating
CHANDRA PRABHU: CRISIL Lowers Rating on INR60MM LT Loan to B+
COMET GRANITO: CARE Revises Rating on INR53.68cr LT Loan to BB-
CONCEPT SHAPERS: CRISIL Ups Rating on INR35MM Loan to B+
COROMANDEL ENTERPRISES: CRISIL Rates INR70MM Cash Loan at B+

FATEH CHAND: Ind-Ra Affirms BB+ Rating on Bank Loans
GOLD SACK: CRISIL Suspends B+ Rating on INR50MM Cash Loan
HARE KRISHNA: CRISIL Assigns B+ Rating to INR40MM Cash Loan
J. N. TRADERS: CRISIL Reaffirms B Rating on INR65MM Cash Loan
JYOTI LTD: CARE Lowers Rating on INR485.55cr Loan to 'D'

KHUSHIYA INDUSTRIES: CARE Reaffirms B+ Rating on INR22.87cr Loan
KRUSHNA COTEX: CARE Reaffirms B+ Rating on INR3.14cr LT Loan
KUNAL COTTON: CRISIL Lowers Rating on INR70MM Cash Loan to B-
LAKSHMI DURGA: CRISIL Ups Rating on INR30MM LT Loan to B+
MADHUPRIYA FASHIONS: CARE Assigns B+ Rating to INR11.50cr LT Loan

MAHAVIR POLYPLAST: CARE Assigns B+ Rating to INR9.75cr LT Loan
MANISHA TEXTILES: CRISIL Ups Rating on INR40MM Cash Loan to B+
MANOHAR FOOD: CARE Assigns B+ Rating to INR3.0cr LT Loan
MITTAL COAL: CRISIL Lowers Rating on INR100M Cash Loan to D
NEERAJA TRADING: CRISIL Reaffirms B Rating on INR55MM Cash Loan

NITYA ELECTROCONTROLS: CRISIL Suspends B+ Rating on INR93.3M Loan
POPULAR MOTOR: CRISIL Assigns B+ Rating to INR95MM Loan
PUNJ LLOYD: CARE Reaffirms 'D' Rating on INR9,022.28cr Loan
PUNJAB METAL: CRISIL Assigns B+ Rating to INR10MM Cash Loan
RAJKAMAL BUILDERS: Ind-Ra Assigns BB Long-Term Issuer Rating

REDSTONE GRANITO: CARE Revises Rating on INR39.92cr LT Loan to BB
RHYTHM KNIT: CRISIL Reaffirms B+ Rating on INR2.7MM LT Loan
SHIBSATI COLD: CRISIL Assigns B Rating to INR57.2MM Cash Loan
SRI PADMABALAJI: CRISIL Reaffirms D Rating on INR490MM Loan
SUNDER IMPEX: CARE Reaffirms B+ Rating on INR2cr LT Loan

SURYABALAJI STEELS: CRISIL Reaffirms D Rating on INR200MM Loan
TULSYAN NEC: CARE Assigns 'B' Rating to INR615.82cr Term Loan
UNI PROFILES: CRISIL Lowers Rating on INR50.6MM Loan to B+
VIRGO MARINE: CRISIL Lowers Rating on INR350MM LT Loan to D
WAGAD INFRAPROJECTS: CRISIL Suspends B+ Rating on INR100MM Loan

YASORAM BUILDERS: CRISIL Assigns B+ Rating to INR150MM LT Loan
* Ind-Ra Expects Stability of Indian Rupee in Remainder of FY16


I N D O N E S I A

TRIKOMSEL OKE: Faces Cash Crunch as Singapore Debt Workout Looms


M A L A Y S I A

PRIME GLOBAL: Has US$2.4MM Current Deficit at July 31


V I E T N A M

AN BINH: Moody's Puts B2/Not Prime Global Currency Issuer Ratings
VINGROUP JSC: Fitch Issues Corrected Press Release on B+ Rating


X X X X X X X X

* BOND PRICING: For the Week Oct. 12  to Oct. 16, 2015


                            - - - - -


=================
A U S T R A L I A
=================


AUSSIE ALL: First Creditors' Meeting Set For October 27
-------------------------------------------------------
Con Kokkinos and Matthew Jess of Worrells Solvency & Forensic
Accountants were appointed as administrators of Aussie All Round
Earthworks Pty Ltd on Oct. 16, 2015

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 15, 114 William
Street, in Melbourne, on Oct. 27, 2015, at 2:30 p.m.


CDP (WA): First Creditors' Meeting Set For October 28
-----------------------------------------------------
Jack James of Palisade Business Consulting was appointed as
administrators of CDP (WA) Pty Ltd, formerly Tuss Concrete Pty
Ltd, on Oct. 16, 2015.

A first meeting of the creditors of the Company will be held at
Palisade Business Consulting, Level 1, 330 Churchill Avenue, in
Subiaco, WA, on Oct. 28, 2015, at 2:00 p.m.


MIDLAND HWY: Collapsed Land Banking Scheme Faces Liquidation
------------------------------------------------------------
Simon Johanson and Royce Millar at The Sydney Morning Herald
reports that administrators said more than AUD22 million was
siphoned off through inflated commissions, "shadow director" fees
and undocumented payments from a collapsed land banking scheme
near Bendigo promoted by property spruiker Jamie McIntyre.

In the latest blow to Mr McIntyre's controversial wealth education
and property business, administrator PPB Advisory has recommended
land banking company Midland Hwy be liquidated, according to SMH.

SMH relates that the company is behind one of a network of much-
hyped schemes in Victoria and Queensland linked to Mr McIntyre and
notorious property spruiker Henry Kaye, into which hundreds of
investors have tipped more than AUD100 million.

The report says the schemes -- now the subject of inquiries by the
Senate and corporate regulator -- involved investors initially
paying thousands in fees for get-rich training by McIntyre's 21st
Century and another firm, Market First. Investors then buy
"options", on housing lots in yet-to-be-developed estates on the
outskirts of Melbourne, Victorian regional cities and Townsville.

Midland Hwy is behind the Bendigo project spruiked as Hermitage,
formerly known as Acacia Banks, which collapsed in July leaving
AUD25.5 million unaccounted for, SMH notes.

According to the report, PPB Advisory's Nicholas Martin said it
appeared Midland had spent only AUD1.7 million collected from
investors on actually planning work for the proposed development,
and may have been insolvent for three years.

"This is a very unfortunate situation for Midland Hwy investors,"
the report quotes Mr. Martin as saying.

SMH says Mr Martin found that large sums totalling AUD7.6 million
were paid out, mostly without documentation, to companies
associated with the development's lawyer, Evans Ellis director Ben
Skinner.

The report says the little-known Evans Ellis law firm is central
to most of the land banking schemes now under Senate and ASIC
spotlights. It has repeatedly refused to reveal the financial
interests behind the schemes, says SMH.

However, Mr McIntyre is a former business associate of Henry
Kaye's and Kaye's sister, Julia Feldman, has been an important
figure in the McIntyre and Market First operations, the report
says.

According to SMH, PPB also found almost AUD12 million was paid in
"above-market" commissions, with about AUD4.6 million going to a
business linked to  "shadow director" Michael Grochowski, a key
player in the land banking ventures.

At least AUD22.3 million of the payments were "voidable" and
should be pursued by a liquidator, the administrators have
recommended, SMH notes.

SMH says the call for liquidation of Midland follows a Federal
Court action by ASIC and the appointment of administrators to a
string of land banking companies run by Mr McIntyre and his
brother, Dennis.

The report relates that the court granted an injunction agreed to
by Mr McIntyre, preventing 21st Century from further promoting his
property schemes, which were sold to investors on the premise of
windfall profits once the land was developed.

Creditors will vote on the proposals on October 21, SMH notes.


RENEX INDUSTRIES: Goes Into Voluntary Administration
----------------------------------------------------
Renee Thompson at SmartCompany reports that a newly constructed
waste treatment plant in Melbourne that treats industrial waste
and contaminated soil has gone into voluntary administration,
owing secured creditors about AUD83 million.

Renex Industries and its various subsidiaries entered voluntary
administration on October 9, with administrators Rahul Goyal,
Craig Shepard and Richard Tucker of KordaMentha appointed to
manage the administration process, SmartCompany discloses.

SmartCompany says the company's treatment plant is based in
Dandenong, in Melbourne's outer suburbs, and is Australia's first
permanently located integrated waste treatment and resource
recovery facility.

Construction on the treatment plant began in September 2012 and
stage two began in mid 2013.  The website claims the facility was
expected to be fully operational by early 2015, the report notes.

According to the report, Mr. Goyal said in a statement Renex would
continue to trade as usual while the administrators look at
options including selling the business.

"The facility is too important to walk away from because the
technology is outstanding, it helps solve an important
environmental problem and the underlying business is good," the
report quotes Mr. Goyal as saying.

SmartCompany relates that Mr. Goyal said Renex Industries employed
about 20 staff and they are being updated on developments as they
arise.

Mr. Goyal told SmartCompany while the company's total turnover
before its collapse is yet to be tallied up, its debts are in the
tens of millions.

"About AUD83 million is owed to secured creditors across the
board," Mr. Goyal said.

He said the debts had been incurred to build the facility, which
has been completed but is in the final stages of commissioning,
the report relates.

"We're still trying to work out a deal between secured creditors
to take this forward," the report quotes Mr. Goyal as saying.
"This project does need additional working capital."


Renex is a private company, with shareholders including the
Cleantech Australia Fund, the Victorian Clean Technology Fund and
Macquarie Bank.  It was established to accept and treat
contaminated soils and other industrial waste that would otherwise
have been headed for landfill.


TIER 5: Goes Into Liquidation; Owes AUD3.9 Million
--------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Tier 5 Pty Ltd has
gone into liquidation. Christopher Robert Powell and Peter James
Lanthois from DuncanPowell were appointed liquidators of the
company on Sept. 25, 2015, the report says.

Dissolve.com.au relates that claims of the company's employees and
creditors total AUD3.9 million. Currently, liquidators are
realising the remaining debtors, equipment and plant as well as
settling employee claims and conducting an investigation into the
collapse of the company, the report says.

The appointment took place after an attempt to sell Tier 5
following its placement into administration on May 28, adds
Dissolve.com.au.



===============
H O N G K O N G
===============


CHINA FISHERY: Fitch Lowers LT FC IDR to B- & Puts on Watch Neg.
----------------------------------------------------------------
Fitch Ratings has downgraded China Fishery Group Limited's Long-
Term Foreign-Currency Issuer Default Rating and its senior
unsecured rating to 'B-' from 'B+'.  At the same time, Fitch has
placed China Fishery's ratings of 'B-' on Rating Watch Negative
(RWN).

The downgrade reflects the high risk that China Fishery's
liquidity will be inadequate because of the volatility in the
company's operating cash flows as a result of weather changes.
China Fishery's high proportion of short-dated debt, which poses
refinancing risk from time to time, continues to reflect the
company's lack of a systematic and transparent approach in
financial management processes.

Fitch has placed the rating on RWN because China Fishery is facing
short-term liquidity pressure.  The RWN will be resolved once
there is further clarity on the outcome of ongoing discussions
between China Fishery and its bankers.  If the company's liquidity
deteriorates further, it may result in further rating downgrades.
If its debt maturity profile improves, Fitch will reassess the
ratings, and take into account China Fishery's future liquidity
gap and financial profile.

KEY RATING DRIVERS

Liquidity Risk: China Fishery's short-term bank loan amounted to
USD299m at end-June 2015.  On Oct. 8, 2015, the company announced
that it has commenced discussions with lenders on additional
financing and supplements and amendments in respect of its
borrowings.  If the short-term debt maturities are not adequately
addressed, China Fishery could face a liquidity crunch.

Fitch estimates that the company's cash on hand and inventory
sales can at best provide only USD150 mil.  Its total allowable
catch is likely to be poor over the next six to twelve months
because the El Nino weather effect this season is one of the
strongest on record.  As a result, Fitch expects free cash flow
generation to be weak and cash balance to be low for the financial
year to end-September 2016 (FY16), which may lead to a liquidity
shortfall of up to USD300 mil.

Escalating Leverage: Fitch expects net leverage, as measured by
adjusted net debt/EBITDAR, to remain above 5.0x in the next 18
months and not fall below 4.0x until FY18.  The worsening
financial profile, with EBITDA dwindling to about USD150 mil. and
free cash generation to USD70 mil., will further limit China
Fishery's financial flexibility.  China Fishery had net debt of
USD828m and net leverage of 4.9x at end-June 2015.

Fishmeal Business Supports Ratings: Fitch expects China Fishery's
Peruvian fishmeal segment to account for over 70% of China
Fishery's EBITDA from 2015.  The Peruvian fishmeal operation
supports China Fishery's ratings, given the firm demand for
fishmeal, which is a staple needed for aquaculture globally.  The
Copeinca business that China Fishery acquired has demonstrated the
ability to generate positive free cash flow over weather cycles.
Furthermore, the company's fleet operation, which provides
supporting services to fishing vessels, has been generating
positive EBITDA since FY14, reversing from two consecutive years
of losses.  Fitch expects this segment to generate USD18 mil.
EBITDA in 2015, contributing to about 15% of the group's total
EBITDA, and remain profitable.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:

   -- Dividend payments to resume from FY16 at 30% payout ratio
   -- Maintenance capex of USD30m a year
   -- Oil prices and bunker costs to remain at current levels

RATING SENSITIVITIES

If China Fishery's liquidity worsens, its ratings will be further
downgraded.  If it is able to improve its debt maturity profile,
Fitch will revisit the credit and establish new rating
sensitivities.


CHINA FISHERY: Moody's Cuts Corporate Family Rating to Caa1
-----------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B2 China
Fishery Group Limited's (CFG)'s corporate family rating and the
rating on the senior unsecured bond issued by its subsidiary --
CFG Investment S.A.C. -- and guaranteed by CFG.

The outlook on the ratings is negative.

RATINGS RATIONALE

"The downgrade reflects our increased concerns regarding CFG's
ability to service its debt obligations, given an expected
weakening in its cash flow and liquidity, stemming from the
potential negative impact of the El Nino weather on its
operations," says Lina Choi, a Moody's Vice President and Senior
Credit Officer.

CFG made an announcement on 9 October that it is in discussions
with key lending banks for alternative financing arrangements.

Most of its obligations was used to fund its acquisition of
Corporaci¢n Pesquera Inca S.A.C. (unrated).

This difficulty stems from a potential disruption in its Northern
Peru operations due to anticipated El Nino weather conditions. If
the Peruvian government cancels the upcoming fishing season, CFG's
cash flow will be reduced significantly in the coming eight to 12
months. Revenue from its Northern Peru anchovy fishing operations
comprises over 60% of CFG's total revenue.

The company reported cash of $41 million and inventory of $235
million at 30 June 2015. A further $80 million in cash
repatriation is expected from its Russian suppliers in the next 12
months. These cash sources are insufficient to cover the company's
operating and debt servicing expenses over the next 12 months,
absent operating cash flow from its operations in Peru.

In this regard, the company's ability to service its financial
obligations mainly depends on successful discussion with key
lending banks in a timely manner, which remains uncertain.

The negative outlook primarily reflects the heightened concerns
over CFG's ability to service debt over the next few quarters.

The rating will be under pressure for a further downgrade if the
company fails to serve interest or meet its principal repayment
obligations.

The ratings could be upgraded if the company makes significant
progress towards servicing its debt negotiations and if it
improves its liquidity.

The principal methodology used in these ratings was Global Protein
and Agriculture Industry published in May 2013. Please see the
Credit Policy page on www.moodys.com for a copy of this
methodology.

China Fishery Group Limited is headquartered in Hong Kong and
listed in Singapore. It is engaged in the Peruvian fishmeal and
fish oil business and fishing fleet operations. China Fishery is
46.5% effectively owned by the Pacific Andes group, through
Pacific Andes International Holdings Limited (PAIH, unrated), a
Hong Kong-listed integrated fish and seafood products processor.
The Carlyle Group, a global alternative asset management firm,
holds an 6.02% stake in the company.



=========
I N D I A
=========


AADHEESH TEXFAB: CARE Revises Rating on INR17.21cr LT Loan to B+
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Aadheesh Texfab Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    17.21       CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to bank facilities of Aadheesh
Texfab Private Limited (ATPL) takes into account the successful
completion of the project. The ratings continue to derive strength
from the experienced management and operational support from group
entities.

The rating however, continues to be constrained by the nascent
stage and small scale of operations, susceptibility of operating
margins to fluctuation in raw material prices, highly leveraged
capital structure, weak debt coverage indicators and working
capital intensive nature of operations. The rating further
continues to take into account the highly fragmented and
competitive grey fabric market.

The ability of ATPL to stabilize the operations and improve the
scale of operations and profitability margins amidst intense
competition along with efficient management of working capital are
the key rating sensitivities.

Incorporated in 2012 by Mr Vijay Bhandari and Mr Chintan Patel,
Aadheesh Texfab Private Limited (ATPL) is engaged in manufacturing
of grey fabric for domestic market. At present the company has 16
looms with capacity to manufacture 80,000 metres of grey fabric
per month. Its facility is located at Dahiwad, Shirpur, Dhule.
ATPL is a part of Dessan group, which has been in business of
textile since 1996 and have several companies operating under it
and has presence in all segments of cotton textile starting from
cultivation of cotton to manufacturing of garments. ATPL's plant
is established under the "GroupWork Shed Scheme" (Scheme of
Integrated Textile Park (SITP) of Ministry of Textile, the
Government of India) promoted by Deesan Infrastructure Private
Limited (part of deesan group and rated CARE BB). GWSS consist of
several SSI units within, which will provide job-work services
only to ATPL.

During FY15, ATPL has posted total operating income of INR15.20
crore with PAT of INR 0.49 crore. Furthermore, the company has
posted revenue of INR35 crore for the period April, 2015 to
August, 2015.


AGR STEEL: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn AGR Steel Strips
Private Limited's 'IND BB+(suspended)' Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for AGR Steel.

Ind-Ra suspended AGR Steel's ratings on Feb. 5, 2015.

AGR Steel's ratings:

   -- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating
      Withdrawn

   -- INR750 mil. fund-based working capital limits: Long-term
      'IND BB+(suspended)' and Short-term 'IND A4+(suspended)';
      ratings withdrawn

   -- INR450 mil. non-fund-based working capital limits: Short-
      term 'IND A4+(suspended)'; rating withdrawn


AIR INDIA: Chief Reaches Out to Staff to Address Woes
-----------------------------------------------------
The Times of India reports that reeling under a virtual exodus of
pilots in last few years, Air India's new chief Ashwani Lohani on
October 14 held a meeting with a number of pilots who have quit
recently. The exodus has meant that AI today faces a shortage of
pilots, especially on its flagship Dreamliner fleet, due to which
flight delays and cancellations have become common. Sources said
over 100 pilots have quit in last two years, the report notes.

"Lohani met these pilots to get inputs from them about what made
them leave the airline. He took inputs from them and promised to
resolve the genuine grievances. The idea is an early resolution so
that there can be an end to the spate of resignations and also try
to get our people back," the report quotes a source as saying.

TOI says the basic reason for heartburn in pilots is the failure
of successive governments and managements to have pay parity
between pilots of erstwhile Indian Airlines (IA) and Air India
even eight years after the two airlines were merged.

An IA commander on the Dreamliner gets about INR3.5 lakh a month
while his or her AI counterpart gets INR6.5 lakh for doing exactly
the same job, thanks to the failure to have pay parity in the
merged airline, says TOI. "We perform the same duties as our
counterparts in AI. . . even AI first officers (co-pilots) earn
more than us, which is extremely humiliating and demeaning," a
letter jointly signed by large number of executive pilots (senior
most commanders) from erstwhile IA who fly the Boeing 787
Dreamliner to aviation authorities this June said, TOI relays.

They have warned the management to either "come out with a non-
discriminatory policy or grant us a NOC (to leave the airline)
. . . we will be forced to look for greener pastures and that will
be not out of choice but (due to AI's) utter disregard of looking
into genuine grievances of honest and hardworking employees," the
letter, as cited by TOI, had said. After resigning from AI, the
pilots are joining private Indian carriers and international ones,
mainly in the Gulf, the report notes.

TOI relates that people in know of what transpired at the Lohani-
pilots' meet on October 14 said the management will have to make
some concrete moves within the next three to five months (the
remaining period of their notice periods) if it wants to retain
them. "Only promises have been doled out to us for years and
nothing concrete has happened," rued a pilot.

                          About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government of
India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports. It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India got a breather
in the form of INR1,000-crore equity infusion from the government
on March 26, 2014.  According to the report, the airline's
unending financial stress had got worse as the Centre had so far
given INR6,000 crore instead of the promised INR8,500 crore for
the fiscal. As a result, AI had to bridge this gap by borrowing
money from banks at 11%-12%, which increased its debt servicing
burden, the report said.  Before the infusion, the government had
injected INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related.  TOI said the airline's
aircraft and working capital debt was INR26,033 crore and
INR21,125 crore respectively on December 31, 2013. The airline is
expected to lose INR3,990 crore this fiscal.

Air India has posted continuous losses since 2007, according to
The Economic Times.


ANAND SONS: CRISIL Assigns B+ Rating to INR80MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISILA4' rating to the
bank loan facilities of Anand Sons Goyal Sons Zaveri (ASGSZ). The
ratings reflect the small scale and short track record of
operations in the highly fragmented gems and jewellery industry.
These rating weaknesses are mitigated by the promoters' extensive
industry experience in the industry.

                          Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Proposed Long Term
   Bank Loan Facility       25          CRISIL B+/Stable

   Cash Credit              80          CRISIL B+/Stable

   Overdraft Facility       20          CRISIL A4

Outlook: Stable

CRISIL believes that ASGSZ will continue to benefit over the
medium term from its promoters' experience in the gems and
jewellery business. The outlook may be revised to 'Positive' if
sales and profitability increase significantly leading to more-
than-expected accrual resulting in improved financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile weakens, most likely because of lower-
than-expected profitability or larger-than expected working
capital requirements or debt-funded capital expenditure.

ASGSZ is a partnership firm, established in August 2015 by
Haryana-based Goyal family. The firm is an authorised dealer of
Titan Industries Ltd under its brand name Tanishq for Gold and
Diamond Jewellery. It has a showroom in Sirsa (Haryana) and is
promoted by Mr. Sumit Goyal, Mr. Shanky Goyal, Mr. Ramesh Kumar
and Mr. Pradeep Kumar.


AUGUSTAN TEXTILE: CRISIL Ups Rating on INR80MM Cash Loan to B-
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Augustan
Textile Colours Ltd (ATCL) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       13.4       CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit          60         CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Long Term Loan       80         CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Long Term   15.8       CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

The rating upgrade reflects CRISIL's belief that ATCL will
maintain its improved liquidity and business risk profile over the
medium term. The revenue (INR438.4 million in 2014-15'refers to
financial year, April 1 to March 31) has increased 27.6 per cent
over the previous year, and at a compound annual growth rate
(CAGR) of 10 per cent over the past three years. The cash accrual
has also increased steadily.

The ratings also reflect ATCL's small scale of operations, limited
revenue diversity, and exposure to competition in the textile
industry. These weaknesses are partially offset by promoter's
industry experience and the company's moderate financial risk
profile.
Outlook: Stable

CRISIL believes that ATCL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if significant increase in
scale of operations and operating margin results in stronger cash
accruals and debt protection metrics for the company. Conversely,
the outlook may be revised to 'Negative' if ATCL's financial risk
profile, particularly liquidity, deteriorates, most likely because
of large working capital requirements, low cash accruals, or
substantial debt-funded capital expenditure.

Set up in 2005 in Coimbatore (Tamil Nadu), ATCL undertakes
printing, bleaching, and dyeing of fabric and yarn.


CENTURY ALUMINIUM: Ind-Ra Withdraws BB Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Century
Aluminium Manufacturing Co. Limited's (CAMCO) 'IND BB(suspended)'
Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for CAMCO.

Ind-Ra suspended CAMCO's ratings on Oct. 9, 2014.

CAMCO's ratings:

   -- Long-Term Issuer Rating: 'IND BB(suspended)'; rating
      Withdrawn

   -- INR325.5 mil. term loan: 'IND BB(suspended)'; rating
      Withdrawn

   -- INR999 mil. fund-based working capital limits:
      'IND BB(suspended)' and 'IND A4+(suspended)'; ratings
      withdrawn

   -- INR565.6 mil. non-fund-based working capital limits:
      'IND A4+(suspended)'; rating withdrawn


CHANDRA PRABHU: CRISIL Lowers Rating on INR60MM LT Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Chandra Prabhu International Ltd (CPIL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB/Stable/CRISIL A4+'. The
rating action is based only on publicly available information as
CPIL has not cooperated with CRISIL in its surveillance process.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            30       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

   Letter of credit &    120       CRISIL A4 (Downgraded from
   Bank Guarantee                  'CRISIL A4+')

   Proposed Long Term     60       CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB/Stable')

The rating downgrade reflects CRISIL's belief that CPIL's business
risk profile may remain weak over the medium term. The company
reported an unexpected significant decline in turnover to INR480
million in 2014-15 (refers to financial year, April 1 to March 31)
from INR1 billion in 2013-14. The turnover has remained muted at
INR140 million in the first quarter of 2015-16 and is expected to
remain at about the previous year's level for the year. It had a
net loss of INR4.2 million in 2014-15, and INR2.6 million in the
first quarter of 2015-16; it is expected to close the year with a
net loss. CRISIL believes CPIL's business risk profile will remain
modest over the medium term on account of a weak market scenario.

The ratings reflect CPIL's susceptibility to risks related to
cyclicality in prices of commodities traded in and to volatility
in realisations from debtors. These rating weaknesses are
partially offset by the promoter's extensive experience in the
coal and rubber trading business.
Outlook: Stable

CRISIL believes that CPIL's business risk profile will remain
vulnerable over the medium term by its exposure to risks related
to cyclicality in prices of commodities traded in. The outlook may
be revised to 'Positive' if the  scale of operations increases
significantly, led by substantial growth in traded volumes, or in
case of a significant improvement in profitability. Conversely,
the outlook may be revised to 'Negative' if profitability is lower
than expected, leading to weakening in debt protection metrics, or
if the working capital management deteriorates.

Incorporated in 1984 and based in New Delhi, CPIL is promoted by
Mr. Gajraj Jain. The company trades in coal and rubber, which
contribute 50 per cent each to its turnover. It procures coal from
Coal India Ltd's subsidiaries based in North-East India and from
traders, and supplies to brick manufacturers. It imports rubber
for catering to footwear and tyre manufacturers. The company's
operations are managed by Mr. Akash Jain, son of Mr. Gajraj Jain.


COMET GRANITO: CARE Revises Rating on INR53.68cr LT Loan to BB-
---------------------------------------------------------------
CARE revises long-term rating and reaffirms rating assigned to
bank facilities of Comet Granito Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     53.68      CARE BB- Revised from
                                            CARE B

   Short-term Bank Facilities     5.28      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Comet Granito Pvt. Ltd. (CGPL) takes into account
growth in its scale of operations during FY15 (refers to the
period April 1 to March 31) along with improvement in its capital
structure as on March 31, 2015, due to equity infusion and better
profitability.

The ratings, however, continue to be constrained due to CGPL's
working capital intensive nature of operations, susceptibility of
its profitability to volatility in prices of key raw material &
fuel as well as its presence in a highly competitive ceramic
industry which has high dependence on the cyclical real estate
industry.

The ratings, however, continue to derive strength from the
experience of promoters in the tiles manufacturing business
and advantage available to CGPL of being located in the ceramic
tile cluster of Gujarat.

The ability of CGPL to further increase its scale of operations
with improvement in profitability and capital structure would be
the key rating sensitivities.

Incorporated in September 2006, CGPL is based out of Morbi,
Gujarat, promoted by the Bhalodiya family. The company is
engaged in manufacturing of ceramic tiles, wall tiles and glazed
vitrified tiles and has an installed capacity of manufacturing
1,800,000 Boxes Per Annum (BPA) of tiles. CGPL markets its
products under the brand of 'COMET' and 'GRANICER'.
Based on FY15 audited results, CGPL has reported a total operating
income (TOI) of INR 97.48 crore (Rs. 77.35 crore in FY14) with a
PAT of INR 2.89 crore (Rs. 0.69 crore in FY14). Furthermore, as
per 4MFY16 provisional results, CGPL has reported a TOI of INR
40.32 crore.


CONCEPT SHAPERS: CRISIL Ups Rating on INR35MM Loan to B+
--------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Concept Shapers and Electronics Pvt Ltd (CSEPL) to 'CRISIL
B+/Stable' from 'CRISIL B-/Stable' and reaffirmed its rating on
the short-term bank facility at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            35       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Letter of credit &
   Bank Guarantee         55       CRISIL A4 (Reaffirmed)

   Long Term Loan         35       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

The upgrade reflects sustainable improvement in CSEPL's liquidity
and financial risk profile because of increasing cash accrual and
better working capital cycle. Net cash accrual increased to
INR28.7 million in 2014-15 (refers to financial year, April 1 to
March 31) from INR20.5 million in the previous year on account of
increase in revenue to INR238.1 million from INR130.4 million and
in profit after tax (PAT) to INR24.6 million from INR15.8 million.
Order book of about INR300 million ensures healthy revenue
visibility over the medium term. Timely execution of orders will
remain a key rating sensitivity factor as it will determine
accrual, and thus, financial risk profile and liquidity.

Gross current assets declined to 292 days as on March 31, 2015,
from 467 days a year earlier because of reduction in receivables
driven by the management's conscious effort to ensure timely
collection. Gearing reduced to 2.0 times as on March 31, 2015,
from 6.7 times a year earlier, with moderation in bank limit
utilization 93%. Nevertheless, working capital requirement remains
large due to the nature of the business. CSEPL's working capital
management will remain a key rating sensitivity factor.

The ratings reflect CSEPL's long working capital cycle and
improved but inconsistent performance. These weaknesses are
partially offset by the promoters' extensive industry experience,
and their established relationships with customers.
Outlook: Stable

CRISIL believes CSEPL will benefit from healthy order book and
promoter's industry experience. The outlook may be revised to
'Positive' if CSEPL achieves higher-than-expected revenue while
maintaining operating profitability and working capital cycle,
thus improving accretion to reserve, and consequently, financial
risk profile and liquidity. Conversely, the outlook may be revised
to 'Negative' in case of stretch in working capital cycle, or any
large debt-funded capital expenditure, weakening liquidity and
capital structure.

Set up in 1988 by Mr. M D Raghunarayan, CSEPL designs,
manufactures, assembles, and tests rugged portable computers and
electronic instruments, especially for the defense sector. The
company is based in Mumbai.


COROMANDEL ENTERPRISES: CRISIL Rates INR70MM Cash Loan at B+
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Coromandel Enterprises (CE).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Cash Credit            70         CRISIL B+/Stable
   Proposed Cash
   Credit Limit           20         CRISIL B+/Stable

The rating reflects CE's moderate scale of - and working capital
intensive - operations in a highly fragmented and competitive
trading industry and weak financial risk profile, marked by small
net worth and weak debt protection metrics on account of low
operating profitability. These rating weaknesses are partially
offset by the extensive experience of the promoters in trading
industry, and its established relationship with major customers
and suppliers.
Outlook: Stable

CRISIL believes that CE will benefit over the medium term from the
extensive industry experience of its management. The outlook may
be revised to 'Positive' if the firm improves its scale of
operations, profitability, and capital structure, leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the firm undertakes aggressive
debt-funded expansions, or if its revenues and profitability
decline substantially, leading to weakening in its financial risk
profile.

Setup in 2009, CE is engaged in trading of steel products such as
thermo mechanically treated (TMT) bars, Coils etc. The firm is
promoted by Mr.Veera Prakash Rao and Mr. Srinivas Rao. The firm is
based out of Ongole in Andhra Pradesh.


FATEH CHAND: Ind-Ra Affirms BB+ Rating on Bank Loans
----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Fateh Chand
Charitable Trust's (FCCT) INR282.30 mil. term loans (increased
from INR263.10 mil.) and INR70.50 mil. non-fund-based facility
(bank guarantee) (reduced from INR103.5 mil.) an 'IND BB+' rating
with Stable Outlook.

KEY RATING DRIVERS

FCCT's liquidity profile remains weak. Available funds in FY14
(INR35.28 mil.) provide limited financial cushion to fund both
debt (7.33%) and operating expenditure (9.23%).

Debt service coverage ratio has been below 1x over FY10-FY13.
However, it improved marginally to 1.13x in FY14 due to an
improvement in current balance before interest and depreciation
(CBBID).  Ind-Ra expects continued timely financial support from
trustees to bridge the deficit in debt servicing, if any, in the
future.

Debt burden (debt/CBBID) improved to 2.71x in FY14 from 7.38x in
FY12 due to declining debt level and rise in CBBID.  However debt-
led capex plans will adversely affect debt/CBBID in the near term.
The trust plans to invest INR400 mil. over FY15-FY19 to create
fixed assets such as buildings (staff quarters), machinery and
equipment, sewerage treatment plant, air conditioning system, and
furniture and fixtures.

The rating is supported by strong operating margins of 31.31% in
FY14 (FY13: 32.35%).  The affirmation reflects Ind-Ra's
expectation that FCCT's strong operating margins will remain flat
in the near-to-medium term as the trust has no intention to
introduce any new courses which could have bolstered the revenue
significantly.

Current balance improved to INR23.05 mil. in FY14 on the back of a
considerable increase in fee income (29.32% yoy) and a decline in
interest expenses (20.99% yoy) after experiencing a net loss to
the tune of INR83.69 mil. and INR18.83 mil. in FY12 and FY13,
respectively. Hospital receipts with an average contribution of
25.92% to total revenue over FY10-FY14 grew at a CAGR of 10.30%.

The total student strength increased moderately at a CAGR of 19.5%
over FY10-FY15 along with a commensurate increase in the approved
intake (FY10-FY15 CAGR: 13.6%).  Subsequently, capacity
utilization has been persistently strengthening; it improved to
98% in FY15 from 88% in FY12.  The post-graduation course
introduced in FY12 with an enrolment of three students increased
the enrolled students to 34 in FY15.

RATING SENSITIVITIES

Positive: Continued strong operational performance and demand
flexibility along with improved debt metrics and liquidity profile
could positively affect the ratings.

Negative: Further deterioration in the available funds in
conjunction with a disproportionate increase in debt resulting in
weaker coverage ratios and the absence of timely financial support
from trustees could trigger a negative rating action.

COMPANY PROFILE

Established in 2005, FCCT is affiliated to the Chaudhary Charan
Singh University, Meerut and is approved by the Medical Council of
India (MCI).

Muzaffarnagar Medical College under FCCT's aegis started
operations in 2006.  The courses offered are MBBS, post-graduation
along with nursing (B.Sc and General Nursing and Midwifery).  The
admission is through the entrance test of Uttar Pradesh Unaided
Medical College Welfare Association.  The college does not offer
any part-time courses.  The trust also has a hospital with a
capacity of 700 beds, which was established primarily to support
the college as a teaching hospital.  It provides treatment at
subsidized rates and mainly caters to the low/middle income groups
from surrounding areas.  The hospital provides consultancy
services along with facilities such as MRI, X-ray, CT scan,
pathological tests, etc.


GOLD SACK: CRISIL Suspends B+ Rating on INR50MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Gold
Sack Pvt Ltd (GSPL). The suspension of ratings is on account of
non-cooperation by GSPL with CRISIL's efforts to undertake a
review of the ratings outstanding.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           50         CRISIL B+/Stable
   Term Loan             48.4       CRISIL B+/Stable

Despite repeated requests by CRISIL, GSPL is yet to provide
adequate information to enable CRISIL to assess GSPL's ability to
service its debt. The suspension reflects CRISIL's inability to
maintain a valid rating in the absence of adequate information.
CRISIL considers information availability risk as a key factor in
its rating process as outlined in its criteria 'Information
Availability - a key risk factor in credit ratings'

Incorporated in 2009, GSPL manufactures synthetic ropes and
barrels used for industrial purposes. The company is promoted by
Mr. Radhe Shyam Poriwal and his family, and its manufacturing
facility is located near Indore (Madhya Pradesh).


HARE KRISHNA: CRISIL Assigns B+ Rating to INR40MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facilities of Hare Krishna Industries (HKI).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           40        CRISIL B+/Stable
   Term Loan             32.5      CRISIL B+/Stable

The rating reflects HKI's modest scale of operations and below-
average financial risk profile, marked by weak capital structure.
These rating weaknesses are partially offset by the promoters'
considerable experience in manufacturing of blankets.
Outlook: Stable

CRISIL believes HKI will continue to benefit over the medium term
from the promoters' considerable experience on manufacturing of
blankets. The outlook may be revised to 'Positive' if the
financial risk profile improves, most likely because of better
profitability and revenues, or capital infusion. Conversely, the
outlook may be revised to 'Negative' in case of a decline in
revenue or profitability, or a stretch in the working capital
cycle, or larger-than-expected debt-funded capital expenditure.

Set up in 2012, HKI manufactures polar and mink blankets. It has
two manufacturing units, one each at Panipat and Karnal (both in
Haryana). The firm was set up by Mr. Gourav Goyal, Mr. Lalit
Gupta, and Mr. Pramod Kumar, who manage the operations.


J. N. TRADERS: CRISIL Reaffirms B Rating on INR65MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of J. N. Traders
(JNT) continues to reflect JNT's average financial risk profile
and the vulnerability of its operating margin to volatility in
metal prices. These rating weaknesses are partially offset by the
extensive experience of the promoters in scrap trading.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            65       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     25       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes JNT will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a significant increase in
revenue along with improvement in profitability, resulting in
sizeable net cash accrual and hence to a better capital structure.
Conversely, the outlook may be revised to 'Negative' if revenue or
profitability declines steeply, or if the financial risk profile
deteriorates, most likely because of lengthening of the operating
cycle.

JNT was established as a partnership firm in 1983 by Mr. Abdul
Kareem Japher, his brother, Mr. Zakir Hussain, and a business
associate, Mr. Niranajan Vakil. The firm currently has four
partners: Mr. Abdul Kareem Japher, his two brothers, and his son.
JNT derives around 80 per cent of its revenue from trading in
ferrous metals and the rest from trading in non-ferrous metal
scrap. In the ferrous segment, the firm trades mostly in steel
scrap, and in the non-ferrous segment, it trades mostly in copper.
JNT has three warehouses, with a combined area of 80,000 square
feet in Pune (Maharashtra).


JYOTI LTD: CARE Lowers Rating on INR485.55cr Loan to 'D'
--------------------------------------------------------
CARE revises ratings assigned to bank facilities of Jyoti Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    442.39      CARE D Revised from
                                            CARE C

   Short-term Bank Facilities   114.33      CARE D Revised from
                                            CARE A4

   Long-term/Short-term Bank     485.55     CARE D/CARE D Revised
   Facilities                               from CARE C/CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Jyoti Ltd (Jyoti) take into account recent delays in servicing of
its debt obligations, resulting from stressed liquidity on account
of cash losses.

Incorporated in 1943, Jyoti evolved as a multi-product
organization with product lines comprising engineered pumps and
project division, comprising majority total income, switchgears,
rotating electrical machines and hydroelectric sets and hydro-
power projects. The company also undertakes engineering,
procurement and construction contracts for large irrigation
projects and small-to-medium hydro-power projects.

As per the audited results for FY15 (refers to the period April 1
to March 31), Jyoti registered a total operating income of
INR240.67 crore with a net loss of INR114.58 crore as against a
total operating income of INR236.24 crore and a net loss of
INR128.39 crore in FY14.


KHUSHIYA INDUSTRIES: CARE Reaffirms B+ Rating on INR22.87cr Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the long-term bank facility
of Khushiya Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     22.87      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Khushiya Industries
Private Limited (KIPL) continue to remain constrained on account
of its modest scale of the operations in the highly fragmented and
competitive industry and its weak financial risk profile marked by
low profit margins, highly leveraged capital structure, weak debt
coverage indicators and working capital-intensive operations with
elongated working capital cycle. The rating also remained
constrained on account of implementation and stabilization risk
associated with the ongoing debt-funded capital expenditure and
susceptibility of profit margins to fluctuation in raw material
price along with dependence on agro climate conditions and
seasonality associated with availability of raw material.

The rating, however, continues to take comfort from the experience
of the promoters in the industry coupled with favourable outlook
for edible oil industry.

The ability of KIPL to improve the overall scale of operations
along with improvement in profit margins, capital structure and
improving operating cycle are the key rating sensitivities.
Furthermore, implementation of the capital expenditure without any
time and cost over-run and subsequent timely stabilization of the
manufacturing facilities will also remain crucial.

Banaskantha-based (Gujarat) KIPL was incorporated in 2012 by Mr
Mehul Thakkar, Mr Dalpatram Thakkar and Ms Ritaben Thakkar. KIPL
is engaged in the business of extraction of mustard oil from
mustard seeds and operates from its manufacturing facilities
located at Banaskantha with an annual installed capacity of 30,000
metric tons per annum (MTPA) as on March 31, 2015. KIPL extracts
mustard oil from mustard seeds by pressing them wherein it
receives mustard de-oiled cake as by-product. The mustard oil is
sold to refineries for further processing to make it edible while
mustard de-oiled cake is sold to the industrial units for solvent
extraction. Mustard oil is mainly used as edible oil in North
and East India. It can also be used in pharmaceutical industry and
cosmetic items. The by-product mustard de-oiled cake can also be
used as cattle feed.

KIPL was engaged in the business of trading of mustard oil up to
March 31, 2014. KIPL commenced manufacturing of mustard oil from
April 1, 2014, with completion of setting up an expeller plant at
total capital cost of INR6 crore. KIPL is in the process of
integrating forward in the value chain by setting up solvent
extraction plant with total installed capacity of 90,000 MTPA. The
total cost of the project is estimated at INR8.59 crore which is
to be funded through term loan of INR5.40 crore, equity share
capital of INR1.19 crore and remaining through unsecured loans.
KIPL expects to commence commercial production of solvent plant
from November 2015 with delay of around 10 months.

During FY15 (provisional; refers to the period April 1 to
March 31), KIPL reported a total operating income (TOI) of
INR35.76 crore and PAT of INR0.13 crore as against a TOI of
INR39.67 crore and a PAT of INR0.07 crore during FY14.


KRUSHNA COTEX: CARE Reaffirms B+ Rating on INR3.14cr LT Loan
------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Krushna Cotex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     3.14       CARE B+ Reaffirmed
   Short term Bank Facilities   13.68       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Krushna Cotex
Private Limited (KCPL) continues to be tempered by the relatively
moderate scale of operation, low and fluctuating profitability
margins, working capital intensive nature of operations, leveraged
capital structure and weak coverage indicators. The ratings are
further continues to take into account susceptibility of margins
to raw material price fluctuation and foreign exchange
fluctuation risk and presence in the highly fragmented and
competitive industry.

These factors far offset the benefits derived from experienced
management and operational support from group entities.

Ability of KCPL to improve the scale of operations and
profitability amidst increasing competition coupled with
efficient management of working capital cycle are the key rating
sensitivities.

Incorporated in 2007, Krushna Cotex Private Limited (KCPL) is
engaged in manufacturing of terry towels from its plant located at
Shirpur, Maharashtra. During FY15 (refers to the period
April 1 to March 31), KCPL exported around 47% of its total
production primarily to USA & other countries and procured raw
material from the domestic market. KCPL is a part of Dessan group,
which has been in business of textile since 1996 and have several
companies operating under it and has presence in all segments of
cotton textile starting from cultivation of cotton to
manufacturing of garments.

KCPL's plant is established under the "Group Work Shed Scheme"
(Scheme of Integrated Textile Park (SITP) of Ministry of Textile,
the Government of India) promoted by Deesan Infrastructure Private
Limited (part of deesan group and rated CARE BB). GWSS consist of
several SSI units within, which will provide job work services
only to KCPL.

During FY15, KCPL has posted total operating income of INR70.83
crore (vis-a-vis INR114.48 FY14) with PAT of INR0.83 crore (vis-a-
vis INR1 crore FY14). Moreover, the company has posted revenue of
INR35 crore (entirely from manufacturing) for the period April,
2015 to August, 2015.


KUNAL COTTON: CRISIL Lowers Rating on INR70MM Cash Loan to B-
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kunal Cotton Industries (KCI) to 'CRISIL B-/Stable' from
'CRISIL B/Stable'

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            70       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term      7       CRISIL B-/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan               3       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

The rating downgrade reflects the deterioration in KCI's liquidity
with a significant stretch in its working capital cycle resulting
in full utilization of its bank limits.  CRISIL believes that the
firm will need fresh capital from its promoters, or will have to
register sustained improvement in its working capital cycle, to
alleviate the pressure on its liquidity.

There has been a significant stretch in the firm's working capital
cycle as reflected in an increase in its gross current assets
(GCAs) to 450 days as on March 31, 2015 from 79 days as on March
31, 2014. The GCAs increased on account of delays in realization
of payments from its clients. The stretch in the working capital
cycle resulted in full utilization of the firm's bank limits over
the last nine months ended September 2015.

The ratings reflect KCI's below-average financial risk profile
marked by its small net worth, high gearing, and below-average
debt protection metrics. The rating of the firm is also
constrained on account of its modest scale of operations, the
susceptibility of its profitability margins to volatility in
cotton prices, and its exposure to regulatory changes and intense
competition in the cotton ginning industry. These rating
weaknesses are partially offset by the extensive experience of
KCI's promoters in the cotton ginning business.
Outlook: Stable

CRISIL believes that KCI will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
ginning industry. The outlook may be revised to 'Positive' in case
of sustained improvement in the firm's working capital management,
or there is an improvement in its liquidity on the back of
sizeable capital additions by its partners. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the firm's profitability margins, or weakening in its liquidity
caused most likely by a further stretch in its working capital
cycle.

Established in 2011, KCI is engaged in ginning and pressing of raw
cotton. The firm's ginning unit is located in Bhainsa district in
Telangana. The firm currently has 3 partners Mr. M.Jagdish, Mrs.
M.Kunda Jagdish, and Mr. M.Kunal Jagdish.


LAKSHMI DURGA: CRISIL Ups Rating on INR30MM LT Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Lakshmi Durga Drugs and Intermediates Private Limited (LDDIPL) to
'CRISIL B+/Stable' from 'CRISIL B-/Stable', and reaffirmed its
rating on the company's short-term bank facility at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           25        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Letter of Credit        3       CRISIL A4 (Reaffirmed)

   Long Term Loan         30       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in LDDIPL's business risk
profile driven by a substantial and sustained increase in its
scale of operations and profitability margins. Healthy
profitability resulted in an improvement in the capital structure
and debt protection metrics. CRISIL believes the company will
sustain the improvement in its financial risk profile over the
medium term supported by consistent growth in net worth and the
absence of any large debt-funded capital expenditure (capex) plan.

LDDIPL's revenue grew by 97 per cent year-on-year to INR162
million in 2014-15 (refers to financial year, April 1 to
March 31) on the back of stabilisation of its operations, which
had commenced in 2013. The operating profit margin increased by
890 basis points (100 basis points equal 1 percentage point) to
16.4 per cent in 2014-15 due to better operational efficiencies
and with higher revenue enabling better absorption of fixed costs.

The healthy profitability resulted in an improvement in the
interest coverage ratio to 3.7 times in 2014-15 from 1.7 times in
2013-14. Gearing reduced to 1.4 times as on March 31, 2015, from
2.3 times as on March 31, 2014, and is expected to reduce further
to 0.8 times as on March 31, 2016, supported by consistent growth
in net worth and the absence of any large debt-funded capex plan.

The ratings reflect LDDIPL's small scale of operations, large
working capital requirements, and exposure to intense competition
in the bulk drugs industry. The ratings also factor in its small
net worth, limiting financial flexibility. These rating weaknesses
are partially offset by the extensive experience of the promoters
in the pharmaceutical industry.
Outlook: Stable

CRISIL believes LDDIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is sustained
improvement in working capital management, or a substantial
increase in net worth on the back of sizeable equity infusion.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in profitability margins, or significant
deterioration in the capital structure caused most likely by a
stretch in the working capital cycle.

LDDIPL was set up in 2009 by Mr. R Vijaya Krishna and Mr. D
Saibabu. The company, based in Hyderabad, manufactures bulk drugs
and intermediates.


MADHUPRIYA FASHIONS: CARE Assigns B+ Rating to INR11.50cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Madhupriya
Fashions Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.50      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Madhupriya Fashions
Private Limited (MFPL) is primarily constrained on account of
financial risk profile marked by its thin profit margins,
leveraged capital structure, weak debt coverage indicators and
moderate liquidity position. The rating is further constrained on
account of its presence in the fragmented textile industry along
with susceptibility of margins to fluctuation in rawmaterial
prices as well as high labor cost.  The rating, however, takes
comfort from the long experience of the promoters in textile
industry, increasing scale of operations and its presence in the
textile cluster with easy access to raw material and labor.

The ability of MFPL to Increase its scale of operations along with
improvement in profitability and capital structure along with
better working capital management are the key rating
sensitivities.

Surat-based (Gujarat), MFPL was incorporated in 2002, is promoted
by Mr Vinod Chiranjilal Agarwal and family members. MFPL is
engaged in processing and trading of fabrics and sarees. MFPL
primarily purchase fabric and gets it processed (like printing,
embroidery, cutting, etc) on job work basis. It has a registered
brand name of "Madhupriya". Furthermore, MFPL has wholly-owned
subsidiary, namely, Manthan Creation Private Limited (MCPL) which
is engaged into trading of sarees.

During FY15 (refers to the period April 1 to March 31), MFPL
reported a total operating income (TOI) of INR62.88 crore
and PAT of INR0.18 crore as against a TOI of INR61.15 crore and
PAT of INR0.18 crore during FY14. As per the provisional results
for 5MFY16 (April, 1 2014 to September 28, 2015), MFPL registered
a TOI of INR25.00 crore.


MAHAVIR POLYPLAST: CARE Assigns B+ Rating to INR9.75cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Mahavir Polyplast Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.75       CARE B+ Assigned
   Short-term Bank Facilities    3.25       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Mahavir Polyplast
Private Limited (MPP) are primarily constrained by its small
scale of operations with low networth base, working capital
intensive nature of operations, highly leveraged capital
structure and weak debt service coverage indicators. The rating is
further constrained by vulnerability of profitability to raw
material price fluctuation and intense competition in the industry
due to low entry barriers.

The ratings, however, draw comfort from experienced promoters,
growing scale of operations and moderate profitability margin.

Going forward, the ability of the company to increase the scale of
operations while maintaining the profitability margins and capital
structure along with effective working capital management shall be
the key rating sensitivities.

MPP was incorporated in 2007 and commenced its commercial
operations in 2008. The company is currently being managed by Mr
Ram Niwas Gupta and Mr Rishi Gupta. The company is engaged in the
manufacturing of pipes such as unplasticized polyvinyl chloride
(UPVC) pipe, casing pipe, ribbed screen pipe, plumbing pipe and
column pipe, etc, with installed capacity of 11,500 M.T. per annum
as on March 31, 2015, at its manufacturing facility located at
Agra, Uttar Pradesh. MPP mainly procures its key raw material, ie,
polyvinyl chloride (PVC) resin, calcium carbonate and chemical
from manufacturing companies located in Uttar Pradesh. The company
mainly supplies to traders located in Agra and nearby regions.

For FY15 (refers to the unaudited period April 1 to March 31), MPP
achieved a total operating income (TOI) of INR26.32 crore with
PBILDT and PAT of INR2.18 crore and INR0.25 crore, respectively,
as against TOI of INR25.66 crore with PBILDT and PAT of INR1.96
crore and INR0.20 crore, respectively. Moreover, the company has
achieved total sales of INR14.88 crore for 5MFY16.


MANISHA TEXTILES: CRISIL Ups Rating on INR40MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Manisha Textiles Private Limited (MTPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable', while reassigning the short term rating at
'CRISIL A4'

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            40        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Overdraft Facility     10        CRISIL A4 (Reassigned)

   Term Loan               5        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects sustained improvement in MTPL's
business and financial risk profile over the years. The company's
revenues have increased steadily from INR 136.7 million in 2011-12
to INR 210 million in 2014-15 (refers to financial year
April 1 to March 31); while maintaining the operating margin at
10-11 per cent. The company's revenues are estimated to grow at
around 20 percent over the medium term driven by capacity
expansion. The company's financial risk profile improved backed by
infusion of funds by promoters, which lead to reduction in gearing
to 3.16 times as on March 31, 2015 from 4.29 times as on March 31,
2014. MTPL liquidity risk profile is moderate with expected net
cash accruals of INR 13-14 million in 2015-16, against a term debt
obligation of INR10 million. Further the bank limit utilisation
has been moderate at around 75 per cent over the past 12 months
ended June 2015.

The rating reflects MTPL's modest scale of operations in intensely
competitive textile industry and modest financial risk profile
marked by small networth and high gearing. These rating weaknesses
are partially offset by its promoters' extensive industry
experience and established relationship with customers.

Outlook: Stable

CRISIL believes that MTPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company generates
significant and sustained increase in revenues while maintaining
its profitability or there is significant equity infusion by,
leading to improvement in capital structure. Conversely, the
outlook may be revised to 'Negative' if there is a significant
decline in MTPL's cash accruals, or stretch in its working capital
cycle or if the company undertakes any large, debt-funded capital
expenditure programme, resulting in deterioration of its financial
risk profile.

MTPL was incorporated in 2008 by Mr. Ashok Kukreja and his son,
Mr. Girish Kukreja. The company manufactures grey fabric,
primarily for use in uniforms. The company's manufacturing
facilities are based in Bhiwandi, Thane.

MTPL reported a profit after tax (PAT) of INR2.7 million on net
sales of INR210 million for 2014-15 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.8 million on net
sales of INR198.1 million for 2013-14.


MANOHAR FOOD: CARE Assigns B+ Rating to INR3.0cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Manohar Food Industry.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     3.00       CARE B+ Assigned
   Short term Bank Facilities    4.25       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Manohar Food
Industry (MFI) are constrained by its small scale of operations,
low profitability margins and weak debt coverage indicators. The
rating are further constrained by the working capital intensive
nature of operations, partnership nature of constitution,
susceptibility of profitability margins to fluctuation in raw
material prices, monsoon dependent operations and the fragmented
nature of industry coupled with high level of government
regulation. The ratings, however, favourably take into account
experienced partners and comfortable capital structure.

The ability of the firm to increase its scale of operations while
improving its profitability margins, maintaining its capital
structure further and managing the working capital requirements
efficiently would be the key rating sensitivities.

MFI was established in the year 2006 as a proprietorship firm by
Mr Sidharth Sharma. Later, in November 2014, the firm was
converted into a partnership firm and is currently being managed
by Mr Ram Nath Sharma (father of Mr Sidharth Sharma) and Mr
Sidharth Sharma sharing profit and loss equally. The firm is
engaged in the processing of paddy at its manufacturing unit
located at Karnal, Haryana, with total installed capacity of 7,200
metric ton per annum (MTPA), as on March 31, 2015. The firm
procures paddy from the local grain markets through dealers and
agents mainly from the state of Jammu & Kashmir, whereas it sells
its products viz, both basmati and non-basmati rice in the states
of Jammu & Kashmir and Delhi through a network of commission
agents and traders.

For FY14 (refers to the period of April 01 to March 31), MFI
reported a total income of INR12.45 crore with PAT of INR0.15
crore, respectively, as against the total income of INR7.13 crore
with PAT of INR0.12 crore in FY13.


MITTAL COAL: CRISIL Lowers Rating on INR100M Cash Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Mittal Coal Co (MCC; part of the Mittal Coal group) to 'CRISIL D'
from 'CRISIL B+/Stable'. The downgrade reflects recent instances
of delay by MCC in servicing its debt because of weak liquidity.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           100        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The Mittal Coal group has a weak financial risk profile because of
high gearing and below-average debt protection metrics. However,
it benefits from promoters' extensive experience in the coal
trading industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of MCC and Mittal Coal Traders (MCT). This
is because the two entities, together referred to as the Mittal
Coal group, are in the same line of business, and are owned and
managed by the same promoter family.

MCC and MCT are proprietorship firms based in Zirakhpur (Punjab)
and established in 2000 and 2005, respectively. They primarily
trade in coal. MCC's operations are managed by Mr. Ramesh Mittal.
His wife Ms. Anita Mittal manages MCT.


NEERAJA TRADING: CRISIL Reaffirms B Rating on INR55MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Neeraja Trading
Corporation (NTC) continues to reflect its below-average financial
risk profile, with small net worth, moderate total outside
liabilities to tangible net worth (TOLTNW) ratio, and weak debt
protection metrics. The rating also factors in the modest scale of
operations, susceptibility to volatile cotton prices, and exposure
to regulatory changes and intense competition in the cotton
industry. These rating weaknesses are partially offset by the
extensive industry experience of NTC's partners.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            55        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      5        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes NTC will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' if a substantial and sustained
improvement in revenue and profitability, or a large equity
infusion by the partners strengthens the key credit metrics.
Conversely, the outlook may be revised to 'Negative' if there is a
steep decline in profitability, or a sizeable intake of debt to
fund capital expenditure or working capital requirements.

Set up as a proprietorship concern by Mr. K Poleswara Rao in 2011,
NTC was reconstituted as a partnership firm in 2012-13 (refers to
financial year, April 1 to March 31) with Mr. K Poleswara Rao and
his wife, Mrs. K Lakshmi Devi as partners. The firm trades in
cotton bales and is based in Guntur (Andhra Pradesh).


NITYA ELECTROCONTROLS: CRISIL Suspends B+ Rating on INR93.3M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Nitya
Electrocontrols Private Limited (NEPL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        30         CRISIL A4
   Cash Credit           93.3       CRISIL B+/Stable
   Term Loan             26.7       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by NEPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NEPL is yet to
provide adequate information to enable CRISIL to assess NEPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

NEPL, formerly known as Nitya Electrical Contractors Pvt Ltd, was
set up by Mr. Prashant Srivastava and his wife, Mrs. Nidhi
Srivastava, in 2007. Mr. Srivastava oversees the day-to-day
operations of the company. The company manufactures electrical
panels, bus ducts, and junction boxes. It is also engaged in
electric contracting. NEPL has two manufacturing units in Noida
(Uttar Pradesh). It is the flagship company of the Nitya group.


POPULAR MOTOR: CRISIL Assigns B+ Rating to INR95MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Popular Motor World Pvt Ltd (PMW).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             25        CRISIL B+/Stable
   Inventory Funding
   Facility                95        CRISIL B+/Stable

The rating reflects PMW's below-average financial risk profile
because of a weak total outside liabilities to tangible net worth
ratio and average debt protection metrics. The rating also factors
in vulnerability of business to economic slowdowns and to intense
competition in the automobile dealership industry, and low
bargaining power with its principal. These rating weaknesses are
partially offset by the extensive experience of its promoters in
the automobile (auto) dealership business and strong relationship
with its principal, Hyundai Motor India Ltd (Hyundai).
Outlook: Stable

CRISIL believes PMW's business risk profile will remain stable
over the medium term, backed by its established position as a
dealer for Hyundai in Kerala. The outlook may be revised to
'Positive' if there is significant improvement in revenue and
profitability, while the capital structure is maintained.
Conversely, the outlook may be revised to 'Negative' in case of
larger-than-expected, debt-funded capital expenditure, a sharp
decline in revenue or profitability, or significant withdrawal of
capital by partners, leading to deterioration in the financial
risk profile.

Incorporated in 2004, PMW is a dealer in Hyundai cars and spares
and provides vehicle servicing across south and central Kerala.
The company has 25 show rooms and 33 service centres.


PUNJ LLOYD: CARE Reaffirms 'D' Rating on INR9,022.28cr Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities and
NCDS of Punj Lloyd Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   4,703.70     CARE D Reaffirmed
   Long/Short-term Bank        9,022.28     CARE D/CARE D
   Facilities                               Reaffirmed
   Non-Convertible Debenture I   150.00     CARE D Reaffirmed
   Non-Convertible Debenture     300.00     CARE D Reaffirmed

Rating Rationale

The ratings of the bank facilities and instruments of Punj Lloyd
Ltd (PLL) continue to factor in delays in debt servicing by the
company due to its weak liquidity.

Punj Lloyd Ltd (PLL), promoted by Mr Atul Punj in 1988, is a
leading engineering & construction company in India, providing
integrated design, engineering, procurement, construction (EPC)
and project management services for oil & gas, process industry
and infrastructure sector projects. PLL has various subsidiaries
operating in multiple geographies and engaged in EPC in the field
of oil and gas and infrastructure sector. The company's
consolidated order book as on August 31, 2015 stood at INR20978
crore (unexecuted orders as on June 30, 2015 plus new orders
received after that).

With slower order inflows and relatively slower execution,
operating income of the company declined from INR8485.70 crore in
FY14 (refers to the period April 1 to March 31) to INR5103.82
crore in FY15 at a standalone level and from INR11116.18 crore in
FY14 to INR7280.29 crore in FY15 at the consolidated level. In
Q4FY15, the company sold its entire shareholding in Global Health
Pvt Ltd (Medanta Hospital) and there was a resultant gain of
INR540.28 crore. Despite this, decline in operating income and
increase in interest cost resulted in net loss of INR506.66 crore
at a standalone level and INR1150.95 crore at a consolidated level
in FY15. Weak financial performance continued in Q1FY16
(unaudited) also with net loss of INR597.84 crore at a standalone
level. On account of weak financial performance, the liquidity
position of the company has been impacted, leading to delays in
debt servicing by the company.


PUNJAB METAL: CRISIL Assigns B+ Rating to INR10MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Punjab Metal Works Pvt Ltd (PMWPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Packing Credit        20        CRISIL A4
   Cash Credit           10        CRISIL B+/Stable
   Letter of Credit      50        CRISIL A4

The ratings reflect PMWPL's weak financial risk profile because of
below-average debt protection metrics, large working capital
requirements, and modest scale of operations. These rating
weaknesses are partially offset by promoters' extensive experience
in the timber industry.

Outlook: Stable

CRISIL believes PMWPL will continue to benefit over the medium
term from promoters' extensive industry experience. The outlook
may be revised to 'Positive' if higher-than-expected growth in
revenue and profitability or improvement in working capital
management leads to better business and financial risk profiles.
Conversely, the outlook may be revised to 'Negative' if exposure
to intense competition results in significant decline in topline
and/or  margins, leading to deterioration in business risk
profile; or if more-than-expected increase in working capital
requirement or any sizeable debt-funded capex leads to a
deterioration in financial risk profile.

Incorporated in 1975, PMWPL was later acquired by promoters of
Jindal Wood Products Pvt Ltd. The company processes plywood and
veneer and trades timber logs, mainly hardwood. PMWPL's plant is
in Sonipat (Haryana) and office in Delhi. The company caters to
Northern India and exports to Europe.


RAJKAMAL BUILDERS: Ind-Ra Assigns BB Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rajkamal Builders
Private Limited (RKPL) a Long-Term Issuer Rating of 'IND BB'.  The
Outlook is Stable.  The agency has also assigned these ratings to
RKPL's bank loans:

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
  Fund-based working        120        'IND BB'/Stable
   capital limits

  Non-fund-based            100        'IND A4+'
  working capital limits

  Fund-based working        100        'Provisional
   capital limits                      IND BB'/Stable

  Non-fund-based            200        'Provisional IND A4+'
   working capital limits

KEY RATING DRIVERS

RKPL's ratings reflect its tight liquidity position with average
peak working capital utilization of over 100% during the six
months ended August 2015.  The ratings also consider the company's
moderate credit metrics as reflected in its interest coverage of
2.3x (FY14: 3x) and net financial leverage of 2.9x (4x) according
to the provisional figures for FY15.  The ratings are further
constrained by RKPL's high geographical and customer concentration
as all work orders are located in Madhya Pradesh and Chhattisgarh
and are mostly issued by state government agencies.

The ratings benefit from company's strong work order book of
around INR3,500m which includes expected work order of INR2,500
mil.  The ratings are also supported by the director's two-decade-
long experience in the construction business.

RATING SENSITIVITIES

Positive: An improvement in the liquidity position will be
positive for the ratings.

Negative: Any slight deterioration in the liquidity position will
be negative for the ratings.

COMPANY PROFILE

RKPL was established in 1981 by Mr Dhanjibhai Patel and was
acquired by PPS group in 2008.  RKPL is a civil contractor and
executes projects in Chhattisgarh and Madhya Pradesh.

PPS group is managed Mr Punyapal Surana and Arpit Surana.  RKPL
commenced its operations under PPS from FY12.


REDSTONE GRANITO: CARE Revises Rating on INR39.92cr LT Loan to BB
-----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Redstone Granito Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     39.92      CARE BB Revised from
                                            CARE B+

   Short term Bank Facilities     6.00      CARE A4+ Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings takes into account the improved scale
of operations of Redstone Granito Pvt. Ltd. (RGPL) along with
improvement in the profitability and capital structure. The
ratings continue to derive strength from the wide experience of
the promoters in the tiles industry, its strategic presence in the
ceramic tile cluster of Gujarat and established marketing and
distribution network.

The ratings, however, continue to remain constrained due to
susceptibility of RGPL's profitability to volatile input prices,
high working capital intensity, modest scale of operations and its
presence in the highly competitive ceramic tile manufacturing
industry which has close linkages to the cyclical real estate
sector.

RGPL's ability to scale up its operation along with sustenance of
its profitability in the wake of rising fuel and power cost and
effective working capital management are the key rating
sensitivities.

Incorporated in December 2010, RGPL is engaged in manufacturing of
vitrified ceramic tiles. RGPL was promoted by Mr. Jagjivan
Varmora, Mr. Vishal Raiyani, Mr. Nilesh Bhalodia and Mr. Ramesh
Ranipa. Subsequently Mr. Jagjivan Varmora's stake was bought out
by Mr. Maganlal Kasundra. RGPL commenced production from November
2011 at its manufacturing facility located at Wankaner in Rajkot
district of Gujarat, which is a ceramic tile hub. RGPL has an
installed capacity of 70,000 Metric Tonne Per Annum (MTPA) as on
March 31, 2015. Also RGPL has commissioned its wall tiles
manufacturing facility in October 2014 with an installed capacity
of 19,000 MTPA. However, RGPL has plans to change the scope of the
same and further enhance the installed capacity for vitrified
tiles.

During FY15 (refers to the period April 1 to March 31), RGPL
reported a total operating income of INR79.19 crore (FY14:
INR68.17 crore) with a PAT of INR1.92 crore (FY14: INR3.39 crore).
As per provisional results for Q1FY16, RGPL has reported a total
operating income of INR18.18 crore.


RHYTHM KNIT: CRISIL Reaffirms B+ Rating on INR2.7MM LT Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Rhythm Knit India Pvt
Ltd (RKIPL) continue to reflect RKIPL's average financial risk
profile because of a small net worth and average protection
metrics.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Long Term Loan           2.7     CRISIL B+/Stable (Reaffirmed)
   Post Shipment Credit    50       CRISIL A4 (Reaffirmed)
   Pre Shipment Credit     67.3     CRISIL A4 (Reaffirmed)

The ratings also factor in the small scale of operations in the
highly fragmented knitted garments industry. These rating
weaknesses are partially offset by the promoters' extensive
experience in the textile industry and established relationships
with customers.
Outlook: Stable

CRISIL believes RKIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations while it improves its profitability,
thereby improving the cash accrual. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile, particularly
its liquidity, deteriorates, most likely because of a substantial
increase in its working capital requirements, or debt-funded
capital expenditure (capex), or low cash accrual.

Update
RKIPL reported revenue of INR387 million for 2014-15 (refers to
financial year, April 1 to March 31), a growth of 6 per cent year-
on-year. Also, it reported a stable operating margin at 4.8 per
cent, and cash accrual at around INR10 million, for the period.
The consistent operating performance is aided by steady offtake
from an established customer base. RKIPL is likely to sustain its
stable operating performance over the medium term, on account of
its established relationships with customers.

The financial risk profile is average because of a small net worth
of INR46 million and high gearing of 1.79 times as on
March 31, 2015. However debt protection metrics were average,
supported by a stable operating margin. CRISIL believes RKIPL's
financial risk profile will remain average over the medium term
supported by the absence of large debt-funded capex plans.

RKIPL has moderate liquidity, with cash accrual expected to be
around INR10 million over the medium term. In contrast, it has
minimal debt obligations of INR0.6 million over the same period.
However, the working capital cycle remains stretched because of
gross current assets of 105 days as of March 2015. Consequently,
the bank limit utilisation level is high, averaging 93 per cent,
for the 12 months through July 2015. The liquidity is further
supported by the absence of debt-funded capex plans and need based
fund support from the promoters.

RKIPL was incorporated in 2010 to take over the business of the
promoters' proprietary firm, Rhythm Fashions. RKIPL manufactures
and exports knitted garments, mainly to Europe, the US, and
Africa. The company has its manufacturing facility at Tirupur
(Tamil Nadu).


SHIBSATI COLD: CRISIL Assigns B Rating to INR57.2MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Shibsati Cold Storage Pvt Ltd (SCSPL) and has
assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank
facilities of SCSPL. The ratings were previously 'Suspended' by
CRISIL vide the Rating Rationale dated June 26th 2014, since SCSPL
had not provided necessary information required for a rating
review. SCSPL has now shared the requisite information enabling
CRISIL to assign ratings to its bank facilities.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee         2         CRISIL A4 (Assigned;
                                    Suspension Revoked)

   Cash Credit           57.2       CRISIL B/Stable (Assigned;
                                    Suspension Revoked)

   Term Loan             37.8       CRISIL B/Stable (Assigned;
                                    Suspension Revoked)

The rating reflects SCSPL's below-average financial risk profile,
and exposure to risks related to highly regulated and fragmented
nature of the West Bengal cold storage industry. These rating
weaknesses are mitigated by the promoters' extensive experience in
the cold storage industry.
Outlook: Stable

CRISIL believes that SCSPL will continue to benefit over the
medium term from its promoters extensive industry experience. The
outlook may be revised to 'Positive' if the financial risk
profile, particularly its liquidity improves due to successful
completion of the expansion work of storage facility and
generation of adequate cash accrual, or substantial capital
infusion. Conversely, the outlook may be revised to 'Negative' if
the liquidity is constrained on account of delays in completion of
ongoing project, or delays in repayments of loans by farmers, or
considerably low cash accrual.

SCSPL was incorporated in December 2010 by Mr. Debkalyan Roy and
Mr. Debabrata Roy. The company provides cold storage facility to
potato farmers and traders in Paschim Mednipur (West Bengal).


SRI PADMABALAJI: CRISIL Reaffirms D Rating on INR490MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Padmabalaji Steels
Private Limited (SPSPL; part of the Padmabalaji group) continue to
reflect instances of delay by the Padmabalaji group in servicing
debt, because of weak liquidity. CRISIL believes the liquidity
will remain weak over the medium term because of low cash accrual
and working capital-intensive operations.

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Bank Guarantee       20.7         CRISIL D (Reaffirmed)

   Cash Credit         490           CRISIL D (Reaffirmed)

   Letter of Credit    250           CRISIL D (Reaffirmed)

   Long Term Loan      276.5         CRISIL D (Reaffirmed)


The Padmabalaji group also has a below-average financial risk
profile because of moderate gearing and below-average debt
protection metrics. However, the group benefits from the
promoters' extensive experience in the steel industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SPSPL and Suryabalaji Steels Pvt Ltd
(SSPL). This is because the two companies, together referred to as
the Padmabalaji group, are in the same line of business, and have
common promoters and fungible funds.

SPSPL was set up in 1995 by Mr. M Ravichandhiran and primarily
manufactures steel and ferro alloy castings, mild-steel (MS)
ingots, and thermo-mechanically treated (TMT) bars and roads. The
company has three manufacturing facilities, one each in Annur
(Coimbatore, Tamil Nadu), Karaikal (Puducherry), and Kanjikode
(Kerala). SSPL was set up in 2007 and manufactures only MS ingots.
SSPL has a manufacturing facility at Pudukottai (Tamil Nadu).


SUNDER IMPEX: CARE Reaffirms B+ Rating on INR2cr LT Loan
--------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Sunder Impex
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       2        CARE B+ Reaffirmed
   Short term Bank Facilities     10.85     CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Sunder Impex
Private Limited (SIP) continue to remain constrained by its
small scale of operations, working capital intensive nature of
operations and weak financial risk profile marked by low
profitability margins, leveraged capital structure and weak debt
service coverage indicators. The ratings are further
constrained by the geographical and customer concentration risk,
highly competitive nature of the steel industry coupled with raw
material price fluctuation risk.

The rating, however, continues to take comfort from the
experienced promoters and SIP's well-established relationship
with its customers.

Going forward, the ability of SIP to increase its scale of
operations with improvement in profitability margins and capital
structure coupled with effective working capital management shall
be the key rating sensitivities.

Delhi-based SIP was incorporated in 2005 by Mr Sushil Kumar Bansal
and Mr Suresh Goyal. Subsequently, Mr Suresh Goyal parted ways
with the company in 2005 and Mr Manish Bansal (brother of Mr
Sushil Kumar Bansal) joined as shareholder and director of the
company. SIP is engaged in the manufacturing of stainless steel
products, primarily bar stools, tables and utensils used in
kitchen. The manufacturing unit of SIP is located at Wazirpur
Industrial Area in New Delhi with an installed capacity of 150
tonnes per month and the manufacturing processes are ISO 9001:2008
certified.

The company exports its products primarily to Dubai, Nigeria, USA,
etc, and also sells domestically under the brand name 'Sunder'.
The main raw material is stainless steel, which is procured
domestically.

SIP achieved a total operating income (TOI) of INR35.63 crore with
PBILDT and profit after tax (PAT) of INR2.46 crore and INR0.21
crore, respectively, in FY15 (as per unaudited results) as against
TOI of INR34.49 crore with PBILDT and PAT of INR1.89 crore and
INR0.19 crore, respectively, in FY14. During FY16, the company has
achieved total operating income of INR17.43 crore till September
15, 2015.


SURYABALAJI STEELS: CRISIL Reaffirms D Rating on INR200MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Suryabalaji Steels Pvt
Ltd (SSPL, a part of the Padmabalaji group) continue to reflect
instances of delay by the Padmabalaji group in servicing debt,
because of weak liquidity. CRISIL believes the liquidity will
remain weak over the medium term because of low cash accrual and
working capital-intensive operations.

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Cash Credit           100         CRISIL D (Reaffirmed)
   Letter of Credit      200         CRISIL D (Reaffirmed)
   Long Term Loan         39.4       CRISIL D (Reaffirmed)

The Padmabalaji group also has a below-average financial risk
profile because of moderate gearing and below-average debt
protection metrics. However, the group benefits from the
promoters' extensive experience in the steel industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SSPL and Sri Padmabalaji Steels Pvt Ltd
(SPSPL). This is because the two companies, together referred to
as the Padmabalaji group, are in the same line of business, and
have common promoters and fungible funds.

SPSPL was set up in 1995 by Mr. M Ravichandhiran and primarily
manufactures steel and ferro alloy castings, mild-steel (MS)
ingots, and thermo-mechanically treated (TMT) bars and roads. The
company has three manufacturing facilities, one each in Annur
(Coimbatore, Tamil Nadu), Karaikal (Puducherry), and Kanjikode
(Kerala). SSPL was set up in 2007 and manufactures only MS ingots.
SSPL has a manufacturing facility at Pudukottai (Tamil Nadu).


TULSYAN NEC: CARE Assigns 'B' Rating to INR615.82cr Term Loan
-------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Tulsyan Nec Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities-    615.82     CARE B Assigned
   Term Loan

   Long-term Bank Facilities-    215.00     CARE B Assigned
   Fund-based

   Short-term Bank Facilities-   142.16     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Tulsyan NEC Limited
(TNEC) is constrained by the weak financial risk profile with
significantly high gearing level, below average liquidity profile,
less than optimal utilisation of capacity on account of slump in
the steel industry, prolonged delay in achieving COD in respect of
captive power plants and operational inefficiencies in wire rod
division leading to cash losses in FY14 (refers to the period
April 1 to March 31) and FY15 and consequent default in debt
repayments necessitating debt restructuring, high degree of
cyclicality and rising level of competition associated with all
the segments in the steel industry.

The ratings derive strength from the approval of company's CDR
package, under which irregularities have been converted into long
term loans and liquidity pressure has been alleviated by way of
moratorium in interest and principal payments and sanction of
fresh loans. The ratings also consider the company's experienced
management team, improving demand for thermo mechanically treated
(TMT) bars and other steel products and company's improved
performance in Q1FY16.

Going forward, optimal capacity utilisation and sustained
improvement in profitability aiding financial turnaround and
improvement in capital structure with fresh equity infusion are
the key rating sensitivities.

Incorporated in the year 1947 under the name National Engineering
Company Limited (NECL), the company was taken over by the Tulsyan
group of companies in 1986. In the year 1996, Tulsyan Synthetics
Limited, a group company was merged with the NECL and the name of
the company was changed to Tulsyan NEC Limited (TNEC) with effect
from August 1996. TNEC is one of the major manufacturers of TMT
bars and billets in South India. It is also a large manufacturer
of High Density Poly Ethelene (HDPE)/ Poly Propylene (PP) sacks
and Flexible Intermediate Bulk Containers (FIBC) in the region.
The operation of the company is divided into three divisions viz.
Steel division, Synthetics division and Power division.
The company went public through its Initial Public Offering in
July 1994. TNEC has an installed capacity of 3,00,000 MTPA
of rolling mills of which TMT Bars capacity constitute 180,000
MTPA, Plain wire rod capacity constitute 40,000 MTPA and TMT wire
rod constitute 80,000 MTPA. Apart from the above, company also has
capacity to manufacture 25,797 MTPA of HDPE/PP sacks at its four
plants located in Bangalore (Two units), Malur district and Goa.
The company also has captive power plant I (CPP I) of 35MWand
another CPP II of 35 MWis under implementation.

The day to day operations of the company is looked after by Mr
Sanjay Tulsyan, who has more than 30 years of experience in the
steel and synthetics industry.

During FY15 (refers to the period April 1 to March 31), the
company reported an after tax loss of INR34.8 crore on a total
operating income of INR1240.3 crore.


UNI PROFILES: CRISIL Lowers Rating on INR50.6MM Loan to B+
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Uni Profiles Pvt Ltd (UPPL) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         5        CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit           35        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term    50.6      CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

   Term Loan              9.4      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in UPPL's business risk
profile and liquidity. The company had lower-than-expected
operating margin and cash accrual, adversely affecting the debt
protection metrics. In 2014-15 (refers to financial year, April 1
to March 31), the revenue was at INR170 million and operating
margin at 8.0 per cent. The gearing increased to 1.8 times as on
March 31, 2015, from 1.5 times the previous year. The cash accrual
is barely sufficient to meet the debt obligation of around INR4.9
million. The bank limits were almost fully utilised with
occasional instances of overutilisation; the utilisation averaged
95 per cent over the 12 months through August 2015. CRISIL
believes UPPL's promoters will have to infuse fresh equity or the
cash accrual will have to be substantially increased to alleviate
the pressure on the liquidity.

The ratings reflect UPPL's modest scale of operations in a highly
competitive fabrication business and the large working capital
requirement. The ratings also factor in the average financial risk
profile because of a small net worth, moderate gearing, and
average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of promoters in the
fabrication industry.
Outlook: Stable

CRISIL believes UPPL will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a significant and sustained
improvement in the revenue, while the operating margin and capital
structure improve. Conversely, the outlook may be revised to
'Negative' in case of a considerable decline in the revenue or
margins, a stretch in the working capital cycle, or a materially
large, debt-funded capital expenditure, leading to deterioration
in the financial risk profile.

UPPL, incorporated in 2010 and set up by Mr. Atul Agarwal,
manufactures heavy fabrication and machine components that find
application in the heavy engineering, power, steel, and
construction industries. Its manufacturing facility is in Rourkela
(Odisha).


VIRGO MARINE: CRISIL Lowers Rating on INR350MM LT Loan to D
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Virgo
Marine Shipyards Pvt Ltd (VMSPL) to 'CRISIL D/CRISIL D' from
'CRISIL B-/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        140       CRISIL D (Downgraded
                                   from 'CRISIL A4')

   Cash Credit            10       CRISIL D( Downgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term    350       CRISIL D (Downgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

The rating downgrade reflects VMSPL's overdrawn cash credit
facility for more than 30 days owing to the company's weak
liquidity.

VMSPL also has a small scale of operations, large working capital
requirement, and small net worth that constrains its financial
flexibility. However, the company benefits from promoters'
extensive experience in the ship building industry.

VMSPL was set up in 2010 by Mr. Mohanlal Pillai and his family
members. The company constructs small tankers, and offshore
support and dredging vessels. It has a shipyard in Thane
(Maharashtra).


WAGAD INFRAPROJECTS: CRISIL Suspends B+ Rating on INR100MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Wagad
Infraprojects Private Limited (WIPL; part of Wagad Group).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        100        CRISIL A4
   Cash Credit           100        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
WIPL; part of Wagad Group with CRISIL's efforts to undertake a
review of the ratings outstanding. Despite repeated requests by
CRISIL, WIPL; part of Wagad Group is yet to provide adequate
information to enable CRISIL to assess WIPL; part of Wagad Group's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

WIPL was incorporated in 2010 by the Rajasthan based Jain family.
WIPL undertakes civil construction work and manufactures ready-mix
concrete. The company's registered office is located in Udaipur,
Rajasthan.

WCC was established as a partnership firm in 1989 by the Jain
family. It is also engaged in civil construction work.

The day to day operations of the group are managed by Mr. Ashok
Jain and his brother Mr. Vinod Jain.


YASORAM BUILDERS: CRISIL Assigns B+ Rating to INR150MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Yasoram Builders (YB).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Long Term Loan        150         CRISIL B+/Stable

The rating reflects YB's susceptibility to risks related to the
completion and saleability of its ongoing real estate residential
projects in Kochi (Kerala), and to cyclicality in the Indian real
estate industry. These rating weaknesses are partially offset by
extensive industry experience and established track record of YB's
promoters in the residential real estate development business.
Outlook: Stable

CRISIL believes that YB will benefit over the medium term from its
promoters' extensive experience in the real estate industry. The
outlook may be revised to 'Positive' if healthy bookings of units
and receipt of customer advances lead to better-than-expected cash
flows and liquidity. Conversely, the outlook may be revised to
'Negative' if the liquidity is constrained by low customer
advances or sizeable cost overruns on the project.

YB, promoted by Mr. A.R. Sreedhara Vadhyar, Mr.Rohit Vishwanath
Prabhu and their family members, is engaged in residential real
estate development. Based out of Kochi in Kerala, the firm is
currently undertaking residential real estate projects in Kochi.


* Ind-Ra Expects Stability of Indian Rupee in Remainder of FY16
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) expects the Indian rupee (INR)
to remain largely stable in the remainder of FY16.  The key
reasons for the expecting stability in INR are i) the better
macroeconomic fundamentals of the Indian economy among the
emerging economies, ii) comfortable balance of payment situation,
iii) postponement of policy normalization by US Fed to Dec. 2015
or may be to 2016 and iv) healthy capital inflow.

Ind-Ra expects INR to trade in the range of INR64.50-INR66.25
against the US dollar (USD).  However, the readjustments carried
out by foreign institutional investors in their portfolios towards
the year end/beginning of 2016 may cause some short-term
volatility in INR.

The decision of Central Bank of China to allow the yuan to
depreciate by 3.4% over the two consecutive days Aug. 11 & 12,
2015, rattled the emerging market currencies in August 2015.
However, despite witnessing some volatility and depreciation, INR
remained one of the most stable emerging market currencies.  It
had depreciated 3.11% till end-September 2015 (65.74 on Sept. 30,
2015), but recovered to 64.78 by Oct. 9, 2015.

The sudden and hefty depreciation (August 2015) in INR against USD
drew parallel with the mid-2013 INR depreciation, when the mere
mention of tapering by the US Fed had sent INR in to a tailspin.
Ind-Ra however believes it were the better macroeconomic
fundamentals in Aug. 2015 that saved the day for INR.  As a
result, unlike the 2013 episode, no extraordinary policy
interventions were required and INR soon found its level based on
market dynamics and the Reserve Bank of India's intervention
remained confined to check the excess volatility.

As the Chinese devaluation of yuan led to the devaluation of
several emerging market currencies, it has opened a debate on the
likelihood of a currency war.  It is clear that the August 2015
devaluation of yuan is a Chinese policy response to the slowing
growth in China; however, it is still not clear whether China will
carry out more such devaluation or not.  So long as the exports of
emerging market economies are not impacted by the Chinese
devaluation and their currencies find lower levels with respect to
USD to wipe out the gains of the yuan, an open currency war looks
unlikely.



=================
I N D O N E S I A
=================


TRIKOMSEL OKE: Faces Cash Crunch as Singapore Debt Workout Looms
----------------------------------------------------------------
Bloomberg News reports that an Indonesian mobile-phone retailer
44.9% owned by Singapore-listed Polaris, said it may not meet
obligations indefinitely as it tries to avoid a "worst-case
scenario" of seeking local court protection, in a case involving
the Singapore dollar bond market that hasn't had a default in six
years.

PT Trikomsel Oke will form a steering committee and hold a call on
October 26 to discuss possible restructuring options with
noteholders, it said in a stock exchange filing on October 15,
after hiring FTI Consulting to advise on a debt restructuring
plan, Bloomberg relates. The company, which has two debentures
denominated in the Singapore dollar among IDR6.2 trillion
($635 million) of bonds and loans outstanding on June 30, cited
weakening earnings and cash flows due to a slowdown in the economy
and a slump in the rupiah, the report discloses.

Bloomberg notes that Indonesia's rupiah has slumped this year amid
a rout in emerging-market assets, forcing the company to review
its debt load.  The rupiah has fallen 7.7% against the US dollar
so far this year, making it the worst performing currency in Asia
after the Malaysian ringgit, according to Bloomberg.

Trikomsel hasn't missed any obligations, and the last
restructuring or failure in the market for Singapore dollar
securities was in 2009 when Celestial Nutrifoods and Sino-
Environment Technology Group defaulted, data compiled by Bloomberg
show. Indonesia's debt suspension proceeding known as PKPU is part
of its insolvency law that allows a petitioner 270 days to
implement a workout plan, the report notes.

"PKPU, at this stage, is too early to discuss," Juliana Samudro, a
company director, told Bloomberg by phone on October 14. "There's
still some internal discussion that we are supposed to do on our
homework and assessment. We are just trying to preempt the worst-
case scenario, as early as possible."

Jakarta-based Trikomsel may consider hiring law firm Ashurst LLP
as legal counsel to work with FTI Consulting, Bloomberg reports
citing people familiar with the matter who asked not to be
identified because the details are private. The company is
considering its options, Mr. Samudro said.

Bloomberg relates that Mr. Samudro is also the chief financial
officer and an executive director of Polaris. SoftBank Group, run
by Japanese billionaire Masayoshi Son, still holds the 19.9% stake
it had earlier this year, spokesman Matthew Nicholson said.

"While the group has substantially met its obligations as they
fall due to date, it is becoming apparent that it may not be
possible to do so indefinitely," Trikomsel said in the filing
cited by Bloomberg.

Trikomsel has sold $115 million of 5.25% three-year notes due in
May 2016, and similar-maturity $100 million 7.875% bonds maturing
in June 2017. The 5.25% notes dropped 2.75 cents, their biggest
one-day decline since June, to 95 cents on the dollar as of 3.17pm
in Singapore, Bloomberg-compiled prices show.

Smaller telecom firms that borrowed offshore have defaulted
recently, said Singapore-based Raymond Chia, head of credit
research for Asia ex-Japan at Schroder Investment Management,
Bloomberg relays. Among recent cases are PT Bakrie Telecom in 2013
and PT Mobile-8 Telecom in 2008, he said. "This is exerting some
pressure on the high-yield borrowers."



===============
M A L A Y S I A
===============


PRIME GLOBAL: Has US$2.4MM Current Deficit at July 31
----------------------------------------------------
Prime Global Capital Group Incorporated (OTCBB: PGCG)'s working
capital deficit was US$2.4 million at July 31, 2015.  The deficit
was US$581,405 as of October 31, 2014.

At July 31, 2015, the Company had total current assets of
US$3.8 million and total current liabilities of US$6.2 million.
At October 31, 2014, the Company had total current assets of
US$2.0 million and total current liabilities of US$2.6 million.

The Company said: "As of July 31, 2015, we had cash and cash
equivalents of $1,507,823, as compared to $3,278,794 as of the
same period last year. Our cash and cash equivalents decreased as
a result of cash used in operation and purchase of marketable
securities, offset by a net increase in bank loans and revolving
line of credit.

"We expect to incur significantly greater expenses in the near
future, including the contractual obligations that we have assumed
discussed, to begin development activities.  We also expect our
general and administrative expenses to increase as we expand our
finance and administrative staff, add infrastructure, and incur
additional costs related to being an accelerated filer, including
directors' and officers' insurance and increased professional
fees.

"We have never paid dividends on our Common Stock.  Our present
policy is to apply cash to investments in product development,
acquisitions or expansion; consequently, we do not expect to pay
dividends on Common Stock in the foreseeable future.

"The success of our growth strategy is dependent upon the
availability of additional capital resources on terms satisfactory
to management.  Our sources of capital in the past have included
the sale of equity securities, which include common stock sold in
private transactions and public offerings, capital leases and
long-term debt.  There can be no assurance that we can raise such
additional capital resources on satisfactory terms.  We believe
that our current cash and other sources of liquidity discussed are
adequate to support operations for at least the next 12 months.

"For the nine months ended July 31, 2015, net cash used in
operating activities was $981,818, which consisted primarily of a
net loss of $1,070,566, a decrease in rental deposits of $157,668,
a decrease in income tax payables of $91,580, a decrease in
accrued liabilities and other payables of $99,940 offset by
depreciation of $461,556.

"For the nine months ended July 31, 2014, net cash used in
operating activities was $527,059, which consisted primarily of an
increase in accrued liabilities and other payables of $566,019,
depreciation of $523,499, an impairment loss on advances to
suppliers of $447,524, and an increase of rental deposits from
tenants of $314,401, offset by a net loss of $1,143,193, an
increase in accounts receivables of $1,168,917 and a decrease in
income tax payable of $67,515.

"We anticipate cash from our oilseeds operating activities to
stabilize in the future as our operations mature.  We expect
rental income from our real estate operations to increase as we
increase the occupancy rates of our commercial buildings, which
will be offset by the increased expenses associated with
developing our residential projects.  We expect to continue to
rely on cash generated through debt financing, however, to finance
our operations and future acquisitions.

"For the nine months ended July 31, 2015, net cash used in
investing activities was $316,194, which was primarily
attributable the purchase of marketable securities of $276,588,
plantation development costs of $23,108 and purchase of property,
plant and equipment of $16,498.

"For the nine months ended July 31, 2014, net cash provided by
investing activities was $6,200,218, which was primarily
attributable to proceeds from the sale of the equity interests in
PGCG Assets of $6,226,553, offset by the purchase of property,
plant and equipment of $31,870.

"For the nine months ended July 31, 2015, net cash provided by
financing activities was $1,268,943, consisting primarily of a
revolving line of credit of $4,162,735, offset by an increase in
time deposits made by us of $1,942,610 and repayments to Weng Kung
Wong, our Chief Executive Officer and director, of $711,247.  We
also refinanced a bank which is reflected by the repayment of
$11,166,073 in bank loans and offset by a new bank loan in the
amount of $10,928,012.

"For the nine months ended July 31, 2014, net cash used in
financing activities was $2,844,229, consisting primarily of
repayments to Mr. Wong, of $2,524,256, repayments of $307,577 on
outstanding bank loans, repayment to a related party of $10,316
and repayments on a finance lease of $2,080.  Advances by Mr. Wong
previously made to us were made on an interest-free, unsecured
basis and are not expected to be repaid in the next twelve
months."

A copy of the Form 10-Q is available at http://is.gd/jF2zFH

Prime Global Capital Group Incorporated (OTCBB: PGCG), through its
subsidiaries, is engaged in the operation of a palm oil
plantation, leasing of commercial properties, and development of
residential real estate properties in Malaysia.  The Company
maintains its headquarters in Kuala Lumpur, Malaysia.



=============
V I E T N A M
=============


AN BINH: Moody's Puts B2/Not Prime Global Currency Issuer Ratings
-----------------------------------------------------------------
Moody's Investors Service has assigned first-time ratings to An
Binh Commercial Joint Stock Bank (An Binh Bank): B2/Not Prime
global local and foreign currency issuer ratings; B2/Not Prime
local and foreign currency deposit ratings; and a b3 standalone
baseline credit assessment (BCA) and b3 adjusted BCA.

The outlook on the long-term issuer and deposit ratings is stable.

Moody's has also assigned a Counterparty Risk Assessment (CR
Assessment) of B2(cr)/Not Prime(cr).

RATINGS RATIONALE

The B2 long-term ratings assigned to An Binh Bank, which is based
in Vietnam (B1 stable), incorporate its b3 BCA and a one notch
uplift to reflect Moody's moderate systemic support assumption in
case of stress.

An Binh Bank's standalone creditworthiness reflects the bank's
good liquidity position and moderate capital adequacy. These
positive factors are partly mitigated by the bank's relatively
weak asset quality, poor profitability due to high loan loss
provisions, and some reliance on market-sensitive funding.

Similar to most other rated banks in Vietnam, An Binh Bank has a
relatively large share of assets that Moody's considers
problematic. As of June 2015, problem loans (which Moody's defines
as loans in categories 2-5 under Vietnamese accounting standards)
amounted to 6.3% of gross loans, up from 5.9% in December 2014.

The bank also has other assets that Moody's considers problematic,
such as securities from the Vietnam Asset Management Company
(VAMC). Adding the net amount of VAMC securities to the loan book
translates into a problem loans ratio of 13.5% as of June 2015,
down slightly from 13.8% in December 2014.

The bank's tangible common equity (TCE)/risk-weighted assets (RWA)
ratio stood of 11.4% at end-2014, was modest in light of asset
quality challenges. Moreover, the TCE/RWA ratio decreased from
15.7% in 2013, mainly due to dividend payments for 2014. In line
with Moody's standard adjustments for RWAs, the rating agency
applies a 100% risk weighting on Vietnam government securities,
which results in lower adjusted capital ratios compared to those
reported by the bank.

An Binh Bank's profitability is weak, mainly because of its high
loan loss provisions. The bank channeled 60%-70% of its pre-
provision income into reserves in 2013-2014. Moody's expects that
provisioning expenses will remain high in 2015 and 2016, as the
bank gradually works out its problem exposures.

The bank's liquidity position is good, with liquid and semi-liquid
assets accounting for around 50% of total assets. Its funding
profile is modest, as it finances around 25% of assets with
market-sensitive funding.

The bank's deposit base also has some concentrations due to large
deposits from Electricity of Vietnam Group (EVN, not rated), which
is one of the bank's large shareholders.

Moody's moderate systemic support assumption for An Binh Bank is
driven by the bank's modest 1% share of system assets and deposits
at end-2014. This results in a one notch of ratings uplift to B2,
above the bank's b3 BCA. The authorities in Vietnam have
demonstrated a commitment to support the banks through regulatory
forbearance and restructuring.

Moody's does not incorporate any support assumptions from large
shareholders into An Binh Bank's ratings, because of their
relatively small ownership stakes. At end-2014, the largest
shareholders were Malayan Banking Berhad (A3 positive; 20%), EVN
(16.02%), Export Joint Stock Company (not rated; 12.99% stake) and
the International Finance Corporation (Aaa stable; 10% stake).

COUNTERPARTY RISK ASSESSMENT

An Binh Bank's CR Assessment is positioned at B2(cr). CR
Assessments are opinions of how counterparty obligations are
likely to be treated if a bank fails and relates to a bank's
contractual performance obligations (servicing), derivatives
(e.g., swaps), letters of credit, guarantees and liquidity
facilities. Senior obligations represented by the CR Assessment
will be more likely preserved in order to limit contagion,
minimize losses and avoid disruption of critical functions.

What Could Change the Rating Up/Down

Material improvements in the bank's asset quality metrics and
profitability could lead to a ratings upgrade. In addition, a
material increase in its capital buffer would be positive for the
ratings.

The ratings could be downgraded if the bank's asset quality
deteriorates to such an extent that potential credit losses almost
fully deplete its loss absorbing buffers. A significant
deterioration in liquidity metrics would also be negative for the
rating.

Furthermore, a high credit growth appetite that is materially
above the system average could translate into a ratings downgrade
or change in outlook to negative.

The one notch of rating uplift due to government support could be
withdrawn if we see a lower commitment from the authorities to
support and restructure the banking system.

The principal methodology used in these ratings was Banks
published in March 2015. Please see the Credit Policy page on
www.moodys.com for a copy of this methodology.

Taking into account today's announcement, the new ratings are as
follows:

An Binh Commercial Joint Stock Bank

-- The local currency and foreign currency long-term deposit
ratings of B2 were assigned; Outlook stable

-- The local currency and foreign currency long-term issuer
ratings of B2 were assigned; Outlook stable

-- The BCA and Adjusted BCA of b3 were assigned

-- The long-term and short term counterparty risk assessments of
B2(cr)/NP(cr) were assigned

-- The local currency and foreign currency short-term deposit
ratings of NP were assigned

-- The local currency and foreign currency short-term issuer
ratings of NP were assigned

Headquartered in Ho Chi Minh City, Vietnam, An Binh Bank had total
assets of VND66 trillion as of 30 June 2015 (around $2.95
billion).


VINGROUP JSC: Fitch Issues Corrected Press Release on B+ Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Vietnam-based Vingroup JSC's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs), senior
unsecured rating and the rating on its senior notes at 'B+'.  The
Outlook is Stable.

Vingroup is Vietnam's largest listed property company by market
capitalization.  Its cash receipts from the sale of residential
units and recurring revenue from its investment property portfolio
-- comprising retail, hospitality, healthcare and education
businesses -- increased strongly -- in 2014 and 1H15.  Vingroup's
expansion in 2014 and so far in 2015 -- while maintaining a
moderate financial leverage (the ratio of net adjusted debt to the
sum of investment properties and inventory net of customer
advances) -- was underpinned by Vietnam's improving macroeconomic
environment.  The ratings reflect Vingroup's aggressive expansion
pipeline, which is likely to result in a spike in financial
leverage by end-2015 as well as the lower coverage of interest
expense offered by recurring EBITDA from the investment property
portfolio when compared with regional peers.

KEY RATING DRIVERS

Supportive Macroeconomic Environment: Fitch upgraded Vietnam's
Long-Term IDRs to 'BB-' from 'B+' in November 2014 on the back of
accelerating GDP growth, moderation of inflation, and high savings
and investment rates.  Vietnam's GDP growth accelerated to 6.5% in
9M15 (9M14: 5.6%), primarily driven by faster growth in the
manufacturing sector and steady expansion of the services and
agricultural sectors.

Vingroup's cash sales from property development rose 73% to
VND14.6trn (USD649.7 mil.) in 2014 and the pace of growth has been
sustained 1H15.  The improving macroeconomic environment is likely
to support the successful launch of Vingroup's projects in the
pipeline and the expansion of its investment property portfolio in
the medium term.

Robust Residential Unit Sales: Vingroup's property development
portfolio up till 1H14 was concentrated, with cash flows primarily
from sale of residential units at Royal City, Vinhomes Riverside
and, to a limited extent, Times City.  The company has expanded
its property development business after the success of these
projects, and has launched more projects, such as new phases in
Times City, Hoi An, Dan Phuong, Vinhomes Central Park, Can Tho,
Vinpearl Premium Golf Land and Villas and Bac Ninh.  The increase
in projects launched reduces concentration risks and increases the
likelihood of Vingroup meeting its growth targets.

Growing Investment Property Portfolio: Vingroup is simultaneously
expanding its development property and investment property
businesses.  The company has aggressive plans to increase its
retail portfolio to over 20 malls by end-2015 from six malls at
end-2014.  Vingroup is also expanding its other businesses, such
as hospitality, healthcare and education, which generate recurring
revenue.  Fitch views the dual focus favorably as the investment
property portfolio would enhance cash-flow visibility and increase
the ratio of investment property EBITDA to interest expense to
over 1.0x (2014: 0.89x).

Aggressive Though Scalable Expansion: Fitch projects Vingroup's
capex to peak at VND46.6trn in 2015 before decreasing in 2016.  In
addition to the risks associated with rapid expansion, net
financial leverage is projected to spike to around 50% by end-2015
(end-2014: 43%).  But the scalable nature of Vingroup's capex
provides the company with the flexibility to reduce capex if
property development sales are lower-than-projected.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Vingroup
include:

   -- Capex will reach VND46.6trn in 2015 and around VND20.0trn a
      year in 2016 and 2017

   -- Cash sales from property development would increase to
      VND35trn in 2015

   -- Vingroup to reduce gross debt annually from 2016 to 2018

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include

   -- The ratio of net adjusted debt to the sum of net inventory
      and investment properties exceeding 60% on a sustained
      basis, or

   -- The ratio of investment properties' EBITDA to interest
      expense remaining below 1.0x on a sustained basis

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- The ratio of net adjusted debt to the sum of net inventory
      and investment properties declining to less than 40% on a
      sustained basis

   -- The ratio of investment properties' EBITDA to interest
      expense improving to 2.00x on a sustained basis, and

   -- Vingroup generating positive free cash flows (cash flow
      from operations less capex less dividends) on a sustained
       basis

LIQUIDITY

Comfortable Liquidity: The rising revenue from Vingroup's
development and investment property businesses, VND13.5trn in
additional borrowings planned for 2015 (of which VND10.9trn was
raised in 1H15) and the VND2.15trn preference share investment by
Warburg Pincus underpin Vingroup's comfortable liquidity.

Moderate Refinancing Risk: Contractual debt maturities for 2H15,
2016 and 2017 are VND3.7trn, VND10.2trn and VND11trn respectively.
Outstanding cash and bank deposits as of 30 June 2015 were
VND8.8trn and VND5.5trn respectively, which are adequate to meet
debt maturities till end-2016.

FULL LIST OF RATING ACTIONS

The full list of rating actions is:

Vingroup JSC

  Long-Term Foreign-Currency IDR affirmed at 'B+'; Outlook Stable
  Long-Term Local-Currency IDR affirmed at 'B+'; Outlook Stable
  Senior unsecured rating affirmed at 'B+'
  Rating on senior notes affirmed at 'B+'



===============
X X X X X X X X
===============



* BOND PRICING: For the Week Oct. 12  to Oct. 16, 2015
------------------------------------------------------

Issuer                 Coupon    Maturity    Currency   Price
------                 ------    --------    --------   -----


  AUSTRALIA
  ---------

AUSDRILL FINANCE PTY    6.88     11/1/2019    USD      69.52
AUSDRILL FINANCE PTY    6.88     11/1/2019    USD      69.52
BARMINCO FINANCE PTY    9.00      6/1/2018    USD      72.18
BOART LONGYEAR MANAG    7.00      4/1/2021    USD      65.88
BOART LONGYEAR MANAG    7.00      4/1/2021    USD      65.88
CML GROUP LTD           9.00     1/29/2020    AUD       0.95
CRATER GOLD MINING L   10.00     8/18/2017    AUD      30.00
EMECO PTY LTD           9.88     3/15/2019    USD      52.72
EMECO PTY LTD           9.88     3/15/2019    USD      57.50
FMG RESOURCES AUGUST    6.88      4/1/2022    USD      60.27
FMG RESOURCES AUGUST    6.88      4/1/2022    USD      60.18
IMF BENTHAM LTD         6.37     6/30/2019    AUD      70.00
KBL MINING LTD         12.00     2/16/2017    AUD       0.31
KEYBRIDGE CAPITAL LT    7.00     7/31/2020    AUD       0.67
LAKES OIL NL           10.00     3/31/2017    AUD       7.50
MIDWEST VANADIUM PTY   11.50     2/15/2018    USD       4.27
MIDWEST VANADIUM PTY   11.50     2/15/2018    USD       4.27


CHINA
-----

CHANGCHUN CITY DEVEL    6.08      3/9/2016    CNY      40.49
CHANGZHOU INVESTMENT    5.80      7/1/2016    CNY      40.80
CHANGZHOU WUJIN CITY    5.42      6/9/2016    CNY      50.50
CHINA GOVERNMENT BON    1.64    12/15/2033    CNY      73.75
DANDONG CITY DEVELOP    6.21      9/6/2017    CNY      71.99
DATONG ECONOMIC CONS    6.50      6/1/2017    CNY      71.51
DRILL RIGS HOLDINGS     6.50     10/1/2017    USD      72.56
DRILL RIGS HOLDINGS     6.50     10/1/2017    USD      73.00
ERDOS DONGSHENG CITY    8.40     2/28/2018    CNY      68.74
GRANDBLUE ENVIRONMEN    6.40      7/7/2016    CNY      71.97
HEILONGJIANG HECHENG    7.78    11/17/2016    CNY      72.80
JIANGSU HUAJING ASSE    5.68     9/28/2017    CNY      50.74
KUNSHAN ENTREPRENEUR    4.70     3/30/2016    CNY      40.30
NANJING NANGANG IRON    6.13     2/27/2016    CNY      50.40
OCEAN RIG UDW INC       7.25      4/1/2019    USD      51.00
OCEAN RIG UDW INC       7.25      4/1/2019    USD      51.00
PANJIN CONSTRUCTION     7.70    12/16/2016    CNY      71.01
QINGZHOU HONGYUAN PU    6.50     5/22/2019    CNY      40.48
SHANGHAI REAL ESTATE    6.12     5/17/2017    CNY      72.05
SHENGZHOU HOTEL CO L    9.20     2/26/2016    CNY     100.00
WUXI COMMUNICATIONS     5.58      7/8/2016    CNY      50.74
XIANGTAN JIUHUA ECON    6.93    12/16/2016    CNY      71.80
YANGZHOU ECONOMIC DE    6.10      7/7/2016    CNY      50.90
YANGZHOU URBAN CONST    5.94     7/23/2016    CNY      40.83
YIJINHUOLUOQI HONGTA    8.35     3/19/2019    CNY      74.18
YUNNAN INVESTMENT GR    5.25     8/24/2017    CNY      71.60


INDONESIA
---------

BERAU COAL ENERGY TB    7.25     3/13/2017    USD      35.75
BERAU COAL ENERGY TB    7.25     3/13/2017    USD      34.69
GAJAH TUNGGAL TBK PT    7.75      2/6/2018    USD      44.98
GAJAH TUNGGAL TBK PT    7.75      2/6/2018    USD      75.63
INDONESIA TREASURY B    6.63     5/15/2033    IDR      76.34
INDONESIA TREASURY B    6.38     4/15/2042    IDR      68.30


INDIA
-----

3I INFOTECH LTD         5.00     4/26/2017    USD      10.63
BLUE DART EXPRESS LT    9.30    11/20/2017    INR      10.16
BLUE DART EXPRESS LT    9.40    11/20/2018    INR      10.21
BLUE DART EXPRESS LT    9.50    11/20/2019    INR      10.26
COROMANDEL INTERNATI    9.00     7/23/2016    INR      15.35
GTL INFRASTRUCTURE L    3.53     11/9/2017    USD      24.88
INCLINE REALTY PVT L   10.85     8/21/2017    INR       9.46
INCLINE REALTY PVT L   10.85     4/21/2017    INR       6.12
INDIA GOVERNMENT BON    0.33     1/25/2035    INR      25.87
JAIPRAKASH ASSOCIATE    5.75      9/8/2017    USD      71.33
JCT LTD                 2.50      4/8/2011    USD      22.63
PRAKASH INDUSTRIES L    5.25     4/30/2015    USD      50.50
PYRAMID SAIMIRA THEA    1.75      7/4/2012    USD       1.00
REI AGRO LTD            5.50    11/13/2014    USD       7.00
REI AGRO LTD            5.50    11/13/2014    USD       7.00
SHIV-VANI OIL & GAS     5.00     8/17/2015    USD      20.25


JAPAN
-----

AVANSTRATE INC          3.02     11/5/2015    JPY      37.00
AVANSTRATE INC          5.00     11/5/2017    JPY      29.25
ELPIDA MEMORY INC       0.50    10/26/2015    JPY      10.25
ELPIDA MEMORY INC       0.70      8/1/2016    JPY      10.25
ELPIDA MEMORY INC       2.03     3/22/2012    JPY      10.25
ELPIDA MEMORY INC       2.10    11/29/2012    JPY      10.25
ELPIDA MEMORY INC       2.29     12/7/2012    JPY      10.25


KOREA
-----

2014 KODIT CREATIVE     5.00    12/25/2017    KRW      29.77
2014 KODIT CREATIVE     5.00    12/25/2017    KRW      29.77
DONGBU STEEL CO LTD     5.00      3/9/2018    KRW      62.68
DOOSAN CAPITAL SECUR   20.00     4/22/2019    KRW      38.02
HYUNDAI HEAVY INDUST    4.90    12/15/2044    KRW      50.96
HYUNDAI HEAVY INDUST    4.80    12/15/2044    KRW      51.88
HYUNDAI MERCHANT MAR    7.05    12/27/2042    KRW      34.74
KIBO ABS SPECIALTY C    5.00    12/25/2017    KRW      28.56
KIBO ABS SPECIALTY C   10.00     8/22/2017    KRW      26.32
KIBO ABS SPECIALTY C    5.00     3/29/2018    KRW      28.74
KIBO ABS SPECIALTY C   10.00      9/4/2016    KRW      38.09
KIBO ABS SPECIALTY C   10.00     2/19/2017    KRW      35.72
KIBO ABS SPECIALTY C    5.00     1/31/2017    KRW      31.56
KIBO GREEN HI-TECH S   10.00    12/21/2015    KRW      55.01
LSMTRON DONGBANGSEON    4.53    11/22/2017    KRW      29.41
POSCO ENERGY CORP       4.66     8/29/2043    KRW      64.46
POSCO ENERGY CORP       4.72     8/29/2043    KRW      63.88
POSCO ENERGY CORP       4.72     8/29/2043    KRW      63.75
SINBO SECURITIZATION    5.00    12/23/2017    KRW      28.58
SINBO SECURITIZATION    5.00    12/23/2018    KRW      26.46
SINBO SECURITIZATION    5.00    12/23/2018    KRW      26.46
SINBO SECURITIZATION    5.00     9/26/2018    KRW      27.34
SINBO SECURITIZATION   10.00    12/27/2015    KRW      53.69
SINBO SECURITIZATION    5.00     12/7/2015    KRW      51.35
SINBO SECURITIZATION    5.00     1/19/2016    KRW      43.40
SINBO SECURITIZATION    5.00     6/29/2016    KRW      34.76
SINBO SECURITIZATION    5.00     7/26/2016    KRW      34.44
SINBO SECURITIZATION    5.00     7/26/2016    KRW      34.44
SINBO SECURITIZATION    5.00     8/29/2018    KRW      27.54
SINBO SECURITIZATION    5.00     8/29/2018    KRW      27.54
SINBO SECURITIZATION    5.00     8/31/2016    KRW      34.04
SINBO SECURITIZATION    5.00     8/31/2016    KRW      34.04
SINBO SECURITIZATION    5.00     7/24/2018    KRW      28.01
SINBO SECURITIZATION    5.00     7/24/2018    KRW      28.01
SINBO SECURITIZATION    5.00     6/27/2018    KRW      28.21
SINBO SECURITIZATION    5.00     6/27/2018    KRW      28.21
SINBO SECURITIZATION    5.00      7/8/2017    KRW      31.20
SINBO SECURITIZATION    5.00      7/8/2017    KRW      31.20
SINBO SECURITIZATION    5.00      6/7/2017    KRW      23.10
SINBO SECURITIZATION    5.00      6/7/2017    KRW      23.10
SINBO SECURITIZATION    5.00     3/13/2017    KRW      31.94
SINBO SECURITIZATION    5.00     3/13/2017    KRW      31.94
SINBO SECURITIZATION    5.00     2/21/2017    KRW      32.17
SINBO SECURITIZATION    5.00     8/16/2016    KRW      33.15
SINBO SECURITIZATION    5.00     8/16/2017    KRW      30.79
SINBO SECURITIZATION    5.00     8/16/2017    KRW      30.79
SINBO SECURITIZATION    5.00     9/26/2018    KRW      27.34
SINBO SECURITIZATION    5.00     9/26/2018    KRW      27.34
SINBO SECURITIZATION    5.00     2/21/2017    KRW      32.17
SINBO SECURITIZATION    5.00     1/29/2017    KRW      32.43
SINBO SECURITIZATION    5.00     3/12/2018    KRW      28.88
SINBO SECURITIZATION    5.00     3/12/2018    KRW      28.88
SINBO SECURITIZATION    5.00    12/25/2016    KRW      32.02
SINBO SECURITIZATION    5.00     7/24/2017    KRW      30.10
SINBO SECURITIZATION    5.00     2/11/2018    KRW      29.10
SINBO SECURITIZATION    5.00     2/11/2018    KRW      29.10
SINBO SECURITIZATION    5.00     1/15/2018    KRW      29.58
SINBO SECURITIZATION    5.00     1/15/2018    KRW      29.58
SINBO SECURITIZATION    5.00     10/1/2017    KRW      30.25
SINBO SECURITIZATION    5.00     10/1/2017    KRW      30.25
SINBO SECURITIZATION    5.00     10/1/2017    KRW      30.25
SINBO SECURITIZATION    5.00    12/13/2016    KRW      32.97
SINBO SECURITIZATION    5.00     10/5/2016    KRW      33.69
SINBO SECURITIZATION    5.00     10/5/2016    KRW      32.08
SINBO SECURITIZATION    5.00      2/2/2016    KRW      41.89
SINBO SECURITIZATION    8.00      2/2/2016    KRW      45.91
SINBO SECURITIZATION    5.00     5/27/2016    KRW      35.13
SINBO SECURITIZATION    5.00     5/27/2016    KRW      35.13
SINBO SECURITIZATION    5.00     3/14/2016    KRW      37.39
SK TELECOM CO LTD       4.21      6/7/2073    KRW      61.65
TONGYANG CEMENT & EN    7.50     9/10/2014    KRW      70.00
TONGYANG CEMENT & EN    7.50     7/20/2014    KRW      70.00
TONGYANG CEMENT & EN    7.30     4/12/2015    KRW      70.00
TONGYANG CEMENT & EN    7.50     4/20/2014    KRW      70.00
TONGYANG CEMENT & EN    7.30     6/26/2015    KRW      70.00
U-BEST SECURITIZATIO    5.50    11/16/2017    KRW      30.51
WISE MOBILE SECURITI   20.00     7/17/2018    KRW      73.40


SRI LANKA
---------

SRI LANKA GOVERNMENT    5.35      3/1/2026    LKR      67.86


MALAYSIA
--------

1MDB GLOBAL INVESTME    4.40      3/9/2023    USD      72.23
1MDB GLOBAL INVESTME    4.40      3/9/2023    USD      71.83
BANDAR MALAYSIA SDN     0.35    12/29/2023    MYR      70.36
BANDAR MALAYSIA SDN     0.35     2/20/2024    MYR      69.87
BIMB HOLDINGS BHD       1.50    12/12/2023    MYR      68.86
BRIGHT FOCUS BHD        2.50     1/22/2031    MYR      66.02
BRIGHT FOCUS BHD        2.50     1/24/2030    MYR      68.84
LAND & GENERAL BHD      1.00     9/24/2018    MYR       0.27
ORO NEGRO IMPETUS PT   11.00     12/4/2015    USD      60.71
SENAI-DESARU EXPRESS    0.50    12/31/2047    MYR      74.86
SENAI-DESARU EXPRESS    0.50    12/31/2038    MYR      64.84
SENAI-DESARU EXPRESS    0.50    12/30/2044    MYR      72.22
SENAI-DESARU EXPRESS    0.50    12/31/2040    MYR      67.74
SENAI-DESARU EXPRESS    0.50    12/30/2039    MYR      66.56
SENAI-DESARU EXPRESS    0.50    12/31/2046    MYR      74.01
SENAI-DESARU EXPRESS    0.50    12/31/2043    MYR      71.34
SENAI-DESARU EXPRESS    0.50    12/31/2041    MYR      68.92
SENAI-DESARU EXPRESS    0.50    12/31/2042    MYR      70.20
SENAI-DESARU EXPRESS    0.50    12/29/2045    MYR      72.92
SENAI-DESARU EXPRESS    1.15    12/31/2024    MYR      65.30
SENAI-DESARU EXPRESS    1.35    12/31/2025    MYR      63.83
SENAI-DESARU EXPRESS    1.35     6/30/2028    MYR      57.74
SENAI-DESARU EXPRESS    1.35    12/29/2028    MYR      56.57
SENAI-DESARU EXPRESS    1.10    12/31/2021    MYR      74.92
SENAI-DESARU EXPRESS    1.10     6/30/2022    MYR      73.22
SENAI-DESARU EXPRESS    1.15     6/28/2024    MYR      66.91
SENAI-DESARU EXPRESS    1.15     6/30/2025    MYR      63.75
SENAI-DESARU EXPRESS    1.35    12/31/2026    MYR      61.32
SENAI-DESARU EXPRESS    1.35     6/29/2029    MYR      55.45
SENAI-DESARU EXPRESS    1.35    12/31/2029    MYR      54.34
SENAI-DESARU EXPRESS    1.15    12/30/2022    MYR      71.81
SENAI-DESARU EXPRESS    1.35     6/28/2030    MYR      53.28
SENAI-DESARU EXPRESS    1.15    12/29/2023    MYR      68.51
SENAI-DESARU EXPRESS    1.35     6/30/2027    MYR      60.08
SENAI-DESARU EXPRESS    1.35     6/30/2026    MYR      62.56
SENAI-DESARU EXPRESS    1.35     6/30/2031    MYR      51.17
SENAI-DESARU EXPRESS    1.15     6/30/2023    MYR      70.14
SENAI-DESARU EXPRESS    1.35    12/31/2027    MYR      58.91
SENAI-DESARU EXPRESS    1.35    12/31/2030    MYR      52.22
UNIMECH GROUP BHD       5.00     9/18/2018    MYR       1.09


PHILIPPINES
-----------

BAYAN TELECOMMUNICAT   13.50     7/15/2006    USD      22.75
BAYAN TELECOMMUNICAT   13.50     7/15/2006    USD      22.75


SINGAPORE
---------

AXIS OFFSHORE PTE LT    7.59     5/18/2018    USD      57.37
BAKRIE TELECOM PTE L   11.50      5/7/2015    USD       4.00
BAKRIE TELECOM PTE L   11.50      5/7/2015    USD       4.00
BERAU CAPITAL RESOUR   12.50      7/8/2015    USD      35.29
BERAU CAPITAL RESOUR   12.50      7/8/2015    USD      36.01
BLD INVESTMENTS PTE     8.63     3/23/2015    USD       9.50
BUMI CAPITAL PTE LTD   12.00    11/10/2016    USD      17.14
BUMI CAPITAL PTE LTD   12.00    11/10/2016    USD      16.88
BUMI INVESTMENT PTE    10.75     10/6/2017    USD      17.00
BUMI INVESTMENT PTE    10.75     10/6/2017    USD      16.52
ENERCOAL RESOURCES P    6.00      4/7/2018    USD      10.00
GOLIATH OFFSHORE HOL   12.00     6/11/2017    USD      20.04
INDO INFRASTRUCTURE     2.00     7/30/2010    USD       1.88
ORO NEGRO DRILLING P    7.50     1/24/2019    USD      64.00
OSA GOLIATH PTE LTD    12.00     10/9/2018    USD      62.00
OTTAWA HOLDINGS PTE     5.88     5/16/2018    USD      40.28
OTTAWA HOLDINGS PTE     5.88     5/16/2018    USD      40.43
SWIBER HOLDINGS LTD     7.13     4/18/2017    SGD      74.63


THAILAND
--------

G STEEL PCL             3.00     10/4/2015    USD       4.00
MDX PCL                 4.75     9/17/2003    USD      37.25


VIETNAM
-------

DEBT AND ASSET TRADI    1.00    10/10/2025    USD      51.00
DEBT AND ASSET TRADI    1.00    10/10/2025    USD      51.13




                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman,
Editors.

Copyright 2015.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



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